ExxonMobil Invests $10 Billion in Indonesia for Petrochemical Industry & Carbon Capture

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ExxonMobil, led by Carole Gall, President of ExxonMobil Indonesia, has officially committed to a $10 billion investment in Indonesia, focusing on petrochemical industry expansion and the development of a Carbon Capture and Storage (CCS) hub. The Memorandum of Understanding (MoU) was signed by Elen Setiadi, Deputy for Energy and Mineral Resources at Indonesia’s Coordinating Ministry for Economic Affairs, and Zoe Barinaga, Vice President of ExxonMobil Chemical International Major Growth Ventures Limited. Airlangga Hartarto, Indonesia’s Coordinating Minister for Economic Affairs, emphasized that this project will significantly contribute to job creation, industrial growth, and sustainability efforts.

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The government, alongside Susiwijono Moegiarso, Secretary of the Coordinating Ministry for Economic Affairs, is working with ExxonMobil to determine the ideal location for the CCS hub, which may be offshore in the Sunda Asri region. The facility is expected to store up to 3 million tons of CO₂, marking Indonesia’s first large-scale CCS project. ExxonMobil’s partnership with PT Pertamina (Persero) will help integrate CCS technology within the petrochemical complex. Additionally, ExxonMobil has committed to training Indonesian workers to meet global industry standards, ensuring long-term human capital development in the energy and petrochemical sectors.

This investment supports President Prabowo Subianto’s downstream industrialization strategy, aiming to enhance Indonesia’s economic resilience while reducing dependence on imported high-performance polymers. With ExxonMobil’s long-standing presence in Indonesia’s oil and gas industry, Airlangga Hartarto expressed optimism about the multiplier effect this project will bring. As discussions on fiscal frameworks and regulations continue, this collaboration marks a major step toward Indonesia’s industrial transformation and sustainability goals.