Indonesian company Pertamina announces $6.2 billion investment in clean energy

Indonesian state oil company Pertamina announced on June 21 that it will invest $6.2 billion over the next five years to expand renewable energy development.

Indonesian energy giant Pertamina is expanding its low-carbon business. (Photo: Reuters)

Jakarta (VNA) – Indonesian state oil company Pertamina announced on June 21 that it will invest $6.2 billion over the next five years to develop the renewable energy sector.

The planned investments will be implemented through the subsidiary Pertamina New & Renewable Energy (NRE).

Part of the investment will be allocated to expanding low-emission electricity generation capacity to 6 GW from 2.6 GW and supporting clean hydrogen, bioethanol and electric vehicle batteries.

NRE plans to produce 7,000 tons of clean hydrogen per year by 2029.

Pertamina is the “strong arm” of the Indonesian government in realizing the country’s ambition to become carbon neutral by 2060 or earlier./.