President Prabowo convenes several ministers and the downstream task force at the Merdeka Palace, Jakarta, Friday (05/23) (Photo: BPMI of Presidential Secretariat)
President Prabowo Subianto convened several ministers and members of the downstream task force at the Merdeka Palace, Friday (05/23), to discuss the acceleration of national downstreaming projects across multiple strategic sectors.
In a press statement following the meeting, Minister of Energy and Mineral Resources (ESDM) Bahlil Lahadalia stated that the projects represent a significant investment commitment.
“The total investment amounts to approximately US$45 billion, and we will begin the implementation immediately,” said Minister Bahlil.
According to the minister, the projects are set to enter the physical realization stage, with groundbreaking scheduled for June. He emphasized that the initiatives are part of President Prabowo’s national priority programs.
“These plans have been thoroughly discussed and finalized in detail. This is a collaborative effort involving the task force, the Ministry of Investment, and other sectoral ministries,” he added.
The projects span a range of downstream activities, including the processing of nickel and bauxite, the construction of refineries and storage facilities, as well as initiatives in strategic sectors such as fisheries, agriculture, plantations, and forestry. One of the key priorities is the development of a domestic ecosystem for the electric vehicle battery industry, marking an important step toward national industrial self-sufficiency.
“Up until now, we have held a minority stake, but we aim to become the majority,” Bahlil said.
“We have been building a battery ecosystem for electric cars. Moving forward, we will expand this to include electric motorcycles. With over 140 million motorcycles on the road today, this initiative aims to help substitute fuel consumption and support the nation’s energy transition,” he explained.
With regard to financing, Bahlil revealed that a significant portion of the funding is expected to come from the Danantara Sovereign Wealth Fund. In line with President Prabowo’s directive, steps will be taken to ensure majority ownership of these projects remains under state control.
“I can assure you that President Prabowo has given clear instructions that this is a ‘red-and-white’ project. That means we must strive to ensure that the majority ownership remains in the hands of the state,” he affirmed. (BPMI of the Presidential Secretariat) (AY/MMB)
