South Korea's LG Energy Solution pulls out of Indonesia EV battery investment
LGES and the Indonesian government signed a deal on the so-called Indonesia Grand Package project in late 2020, which includes investments across the EV battery supply chain in the South-east Asian country.
'Taking into account various factors, including market conditions and investment environment, we have agreed to formally withdraw from the Indonesia GP (Grand Package) project,' LGES said in a statement.
'However, we will continue to explore various avenues of collaboration with the Indonesian government, centreing on the Indonesia battery joint venture, HLI Green Power,' it added.
HLI Green Power, a joint venture led by LGES and Hyundai Motor Group, last year inaugurated Indonesia's first battery cell production plant with an annual capacity of 10 gigawatt hours. It has plans to expand the capacity in the second phase of investment.
Indonesia will continue to seek foreign investors to partner with local companies to develop the battery industry, leveraging the country's rich nickel reserves, said energy ministry official Tri Winarno.
'Even though LG has exited, Indonesia remains convinced our nickel is more competitive than other countries,' he told reporters.
Indonesian state-controlled miner Aneka Tambang, which had planned to form a JV with LGES to mine nickel, said it remained committed to work with other companies to supply nickel for battery production.
State firm Indonesia Battery Corporation, which had also planned to partner with LGES, did not respond to requests for comment. REUTERS
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Straits Times
a day ago
- Straits Times
While You Were Sleeping: 5 stories you might have missed, July 19, 2025
Find out what's new on ST website and app. US President Donald Trump had warned Mr Rupert Murdoch (right), the founder of News Corp, the WSJ's parent company, that he planned to sue. Trump sues Dow Jones, News Corp, Rupert Murdoch, WSJ reporters for libel President Donald Trump filed a lawsuit on July 18 against Dow Jones, News Corp, Rupert Murdoch and two Wall Street Journal reporters, raising claims under federal libel law, court records show. A copy of the complaint was not immediately available. The case was filed in Miami federal court. The lawsuit comes after The Wall Street Journal reported on a 50th birthday greeting to Jeffrey Epstein that Mr Trump allegedly sent in 2003 that included a sexually suggestive drawing and a reference to secrets they shared. Mr Trump aides were also expected on July 18 to ask a court to release grand jury testimony about Epstein, as the president fought back against concerns over his administration's handling of the deceased convicted sex offender's case. READ MORE HERE G-20 communique delivers rare show of unity amid Trump trade war PHOTO: AFP The Group of 20 (G-20) finance ministers and central bank chiefs committed to international policy cooperation in a communique adopted on July 18, finding rare consensus amid escalating tensions over the US trade war. 'The global economy is facing heightened uncertainty and complex challenges, including ongoing wars and conflicts, geopolitical and trade tension,' the communique said. 'We emphasise the importance of strengthening multilateral cooperation to address existing and emerging risks to the global economy.' Top stories Swipe. Select. Stay informed. Singapore Critical infrastructure in S'pore under attack by cyber espionage group: Shanmugam Singapore What is UNC3886, the group that attacked Singapore's critical information infrastructure? Singapore Alleged Kpod peddler filmed trying to flee raid in Bishan charged with 6 offences Asia Indonesia court jails former trade minister for 4½ years in sugar graft case Singapore Singapore police in contact with Indonesian authorities over baby trafficking allegations Singapore NTU upholds zero grade for student accused of using AI in essay; panel found 14 false citations or data Singapore 7-year-old girl, cabby taken to hospital after vehicle pile-up in City Hall area Singapore Former NUH male nurse charged after he allegedly molested man at hospital The agreement, forged during the G-20 summit in South Africa's eastern KwaZulu-Natal province, was reached despite simmering tensions over US President Donald Trump's trade war, which is set to intensify when higher tariffs take effect on Aug 1. READ MORE HERE Spain confirms using Huawei to store judicial wiretaps PHOTO: REUTERS Spain said it only relies on Huawei Technologies to operate part of its wiretapping system, and dismissed any security risks. Huawei storage within the so-called Sitel judicial wiretapping system 'represents a minor part of a watertight, audited, isolated and certified system in compliance with the national high-level security scheme,' a government official said in a statement on July 18 in response to questions from Bloomberg News. The comments follow recent media reports saying that the government uses Huawei technology to help operate Sitel. The reports led US Senator Tom Cotton and Representative Rick Crawford to write to Director of National Intelligence Tulsi Gabbard earlier this week to request that Washington pull back on sharing intelligence with Spain. READ MORE HERE Brazil court orders raids, restraints on Bolsonaro for colluding with Trump PHOTO: EPA Brazil's Supreme Court issued search warrants and restraining orders against former President Jair Bolsonaro on July 18, banning him from contacting foreign officials over allegations he had courted the interference of US President Donald Trump. Federal police raided Bolsonaro's home and put an ankle monitor on him, an escalation in the legal pressure he is already facing and that Mr Trump has tried to relieve with a steep tariff on Brazilian goods. Bolsonaro told Reuters that he believed the court orders were a reaction to Trump's criticism of his trial before the Supreme Court. The court's crackdown on Bolsonaro added to evidence that Mr Trump's tactics are backfiring in Brazil, compounding trouble for his ideological ally and rallying public support behind a defiant leftist government. READ MORE HERE Spain see off spirited Swiss to reach Women's Euro 2025 semi-finals PHOTO: EPA Spain reached the semi-finals of Women's Euro 2025 on July 18 after battling past Switzerland 2-0 as the world champions continued their bid for a first-ever European crown. Athenea del Castillo and Claudia Pina scored the goals in the second half in Bern to give La Roja deserved passage to the last four where they will face either France or Germany on July 16. But Montse Tome's team didn't have it all their own way as hosts Switzerland put up a brave fight in front of a passionate crowd at the Wankdorf Stadium.
Straits Times
a day ago
- Straits Times
US firms to develop Syria energy masterplan after Trump lifts sanctions
Find out what's new on ST website and app. US President Donald Trump meets with Syrian President Ahmed al-Sharaa in Riyadh, Saudi Arabia, on May 14, 2025. DAMASCUS - US-based firms Baker Hughes, Hunt Energy and Argent LNG will develop a masterplan for Syria's oil, gas and power sector, Argent LNG CEO Jonathan Bass said on July 18, in a partnership aimed at rebuilding energy infrastructure shattered by 14 years of civil war. The move marks a swift turnaround as US companies enter a country previously under one of the world's tightest sanctions regimes that US President Donald Trump lifted at the end of June . The companies plan to help explore and extract oil and gas and produce power to help get the economy running as the government seeks to put Syria back on the map. The plan comes after a dash by other companies, many from Gulf Arab states, to sign deals to bolster Syria's power generation and ports infrastructure. Details of the plan have not been previously reported. 'We are initiating the development of a comprehensive masterplan for energy and power generation in Syria, based on a preliminary assessment of opportunities for near-term improvements in generation capacity and service delivery,' Mr Bass told Reuters via phone. 'Our efforts aim to support the revitalization of the energy sector in coordination with relevant stakeholders,' he added. 'This includes potential activities across the value chain–from exploration and production to electricity generation, including combined-cycle power plants,' he said, declining to elaborate further. Top stories Swipe. Select. Stay informed. Singapore Critical infrastructure in S'pore under attack by cyber espionage group: Shanmugam Singapore What is UNC3886, the group that attacked Singapore's critical information infrastructure? Singapore Alleged Kpod peddler filmed trying to flee raid in Bishan charged with 6 offences Asia Indonesia court jails former trade minister for 4½ years in sugar graft case Singapore Singapore police in contact with Indonesian authorities over baby trafficking allegations Singapore NTU upholds zero grade for student accused of using AI in essay; panel found 14 false citations or data Singapore 7-year-old girl, cabby taken to hospital after vehicle pile-up in City Hall area Singapore Former NUH male nurse charged after he allegedly molested man at hospital Argent LNG, which is developing a liquefied natural gas export facility in Louisiana, in January signed a non-binding agreement to supply Bangladesh up to 5 million metric tonnes of the fuel annually, the first major US LNG supply deal since Mr Trump began his second term. Reuters received no immediate response to emailed questions to global energy services provider Baker Hughes, while Texas-based oil and gas company Hunt Energy declined comment. The plan is to begin with areas west of the Euphrates River, under control of the Syrian government. Syria's east, where much of its oil is produced, remains controlled by the Syrian Democratic Forces, a US-backed and Kurdish-led armed group that Washington has urged to integrate with the new authorities in Damascus following the ouster of former Syrian strongman Bashar al-Assad. After 14 years of war, Syria's electricity sector is severely damaged, generating only 1.6 gigawatts (GW) of electricity, down from 9.5 GW before 2011. Billions of dollars of investment are needed to fix the sector, so the cash-strapped state is looking at private investment or donors to foot the bill. In May, Syria signed a memorandum of understanding with Qatar's UCC Holding to develop US$7 billion (S$9 billion) worth of power generation projects, including four combined-cycle gas turbine power plants and a 1,000-MW solar power plant in southern Syria. 'Growing interest' In a post on LinkedIn on July 17, Syrian Finance Minister Yisr Barnieh said the three US-based companies were forming a coalition to invest in Syria and develop the country's energy sector. 'This visit signals a growing interest among American companies and investors in engaging with Syria,' he said. Mr Bass, Hunt Energy CEO Hunter L. Hunt, and a senior executive at Baker Hughes arrived in Syria on a private jet on the morning of July 16 and were meeting with Mr Barnieh when Israel conducted a series of airstrikes on Damascus that shook the city, Mr Bass said. 'It was big,' said Mr Bass, who has been working on the energy project since visiting Damascus and meeting with Syrian President Ahmed al-Sharaa in April. He was part of both state-led and informal efforts to lobby Mr Trump to meet with Mr Sharaa. The landmark meeting took place in mid-May with a big push from the leaders of Turkey and Saudi Arabia, and Mr Trump announced the end of Syria sanctions. As they are slowly phased out, investor interest in Syria has grown. A week of violence in the southern province of Sweida, however, has darkened the mood in the country and left at least 321 people dead, according to the Syrian Network for Human Rights, a human rights group. 'To work in Syria, there are potholes, there are ditches, it has craters,' said Mr Bass. 'If you don't have the team that's willing to accept craters, don't come.' REUTERS
Straits Times
a day ago
- Straits Times
G20 finance chiefs back central banks' independence as they seal communique
Find out what's new on ST website and app. FILE PHOTO: A woman walks at the Cape Town International Convention Centre during the G20 Finance Ministers meeting in Cape Town, South Africa February 24, 2025. REUTERS/Nic Bothma/File Photo DURBAN - Finance chiefs from the Group of 20 countries stressed the importance of central bank independence in a communique issued on Friday following a two-day meeting in South Africa's coastal city of Durban. The ministers and central bankers pledged to boost cooperation as they sealed their first communique since October 2024, a month before President Donald Trump's election victory and subsequent tariff war. The issue of central bank independence hung heavily over the meeting following Trump's repeated berating of U.S. Federal Reserve Chair Jerome Powell for not cutting interest rates, attacks that have roiled global financial markets. The communique was reached in the absence of U.S. Treasury Secretary Scott Bessent from the two-day meeting, though Washington was represented by Michael Kaplan, acting under secretary of the Treasury for international affairs. Bessent also skipped the previous G20 finance chiefs' gathering in Cape Town in February, even though Washington is due to assume the G20's rotating presidency in December. "Central banks are strongly committed to ensuring price stability, consistent with their respective mandates, and will continue to adjust their policies in a data-dependent manner. Central bank independence is crucial to achieving this goal," the communique said. South Africa's deputy finance minister David Masondo told reporters that the meeting outcomes contained in the communique were "consented to by all members" and centred on "strategic macroeconomic issues". Top stories Swipe. Select. Stay informed. Singapore Critical infrastructure in S'pore under attack by cyber espionage group: Shanmugam Singapore What is UNC3886, the group that attacked Singapore's critical information infrastructure? Singapore Alleged Kpod peddler filmed trying to flee raid in Bishan charged with 6 offences Asia Indonesia court jails former trade minister for 4½ years in sugar graft case Singapore Singapore police in contact with Indonesian authorities over baby trafficking allegations Singapore NTU upholds zero grade for student accused of using AI in essay; panel found 14 false citations or data Singapore 30% of aviation jobs could be redesigned due to AI, automation; $200m fund to support workers: CAAS Singapore Former NUH male nurse faces charges after he allegedly molested man at hospital The communique also recognised "the importance of the World Trade Organisation to advance trade issues", while adding the body needed reform. The agreement is seen as an achievement even though communiques issued by the G20, which emerged as a forum for cooperation to combat the 2008 global financial crisis, are non-binding. G20 finance ministers failed to reach a joint stance when they met in February, to the dismay of hosts South Africa. South Africa, under its presidency's motto "Solidarity, Equality, Sustainability", has aimed to promote an African agenda, with topics including the high cost of capital and funding for climate change action. The finance ministers and central bank governors said in Friday's communique that they were committed to addressing debt vulnerabilities in low- and middle-income countries in an effective, comprehensive and systematic manner. REUTERS
