Latest news with #KBR
Business Times
a day ago
- Business
- Business Times
Indonesia plans US$8 billion refineries contract with US firm amid tariffs deal: sources
[JAKARTA] Indonesian sovereign wealth fund Danantara plans to sign a US$8 billion engineering, procurement and construction contract with US engineering firm KBR to build 17 modular refineries, according to two sources familiar with the matter and an official economic ministry presentation seen by Reuters. The contract is part of last week's trade pact between Indonesia and the United States that led to a reduction in the threatened US proposed tariff rate to 19 per cent from 32 per cent. Indonesian Economic Minister Airlangga Hartarto, the chief negotiator of the deal, disclosed the modular refinery plan during a closed-door briefing to Indonesian business leaders on Monday (Jul 21) evening. Two sources confirmed the planned deal was mentioned in a presentation that Reuters also reviewed. Danantara and KBR, formerly known as Kellogg Brown & Root, did not immediately respond to requests for comment. No further details were given on the proposed agreement. While some details of the trade deal between the United States and Indonesia have been made public, such as increased purchases of US energy, agriculture and commercial aircraft, the proposed contract for refineries has not previously been reported. Daya Anagata Nusantara, better known as Danantara, controls over US$900 billion worth of assets and is part of an ambitious plan to grow the US$1.5 trillion economy at a rate of 8 per cent compared to the current 5 per cent. A NEWSLETTER FOR YOU Friday, 8.30 am Asean Business Business insights centering on South-east Asia's fast-growing economies. Sign Up Sign Up Also mentioned in the presentation was a potential US$2 billion 'strategic' investment to develop blue ammonia in US state Louisiana, by Indonesian chemical and textile group Indorama. But, the presentation added, the project needs tax credits to become feasible. US President Donald Trump said last week that Indonesia would buy 50 aircraft from Boeing as part of the deal. The presentation put the total value of aviation sector deals with American companies at US$14.4 billion. The potential deals between Indonesia and US could reach US$34 billion, the presentation showed, underscoring the all-out push by Jakarta to become one of the first countries in the world to clinch a deal with Washington. 'Indonesia welcomes more US business and investment to create jobs, technology transfer and to support national priority developments,' the presentation said, adding that the comparatively lower tariff for Indonesia could make it a site for regional industry relocations. Jakarta believes the fallout of the lowered tariff rate could boost its GDP growth by 0.5 percentage points, the presentation said. Apple and General Electric were also mentioned in the presentation as US firms that will benefit from relaxed local content requirements for US information and communication technology goods and medical devices. Indonesia's local content rules make it mandatory to have a certain percentage of products made in-country, and have been previously seen as too stringent by some foreign businesses looking to enter the world's fourth most populous country. The South-east Asian country banned iPhone 16 sales last year as Apple failed to meet composition requirements. The ban was lifted only following the company's more than US$300 million investment plan. REUTERS
Reuters
a day ago
- Business
- Reuters
Exclusive: Indonesia plans $8 bln refineries contract with US firm amid tariffs deal, sources say
JAKARTA, July 22 (Reuters) - Indonesian sovereign wealth fund Danantara plans to sign an $8 billion engineering, procurement and construction contract with U.S. engineering firm KBR Inc (KBR.N), opens new tab to build 17 modular refineries, according to two sources familiar with the matter and an official economic ministry presentation seen by Reuters. The contract is part of last week's trade pact between Indonesia and the United States that led to a reduction in the threatened U.S. proposed tariff rate to 19% from 32%. Indonesian Economic Minister Airlangga Hartarto, the chief negotiator of the deal, disclosed the modular refinery plan during a closed-door briefing to Indonesian business leaders on Monday evening. Two sources confirmed the planned deal was mentioned in a presentation that Reuters also reviewed. Danantara and KBR Inc, formerly known as Kellogg Brown & Root, did not immediately respond to requests for comment. While some details of the trade deal between the United States and Indonesia have been made public, such as for increased energy cooperation, the proposed contract for refineries has not previously been reported.
Iraq Business
2 days ago
- Business
- Iraq Business
KBR Secures Two-Year Contract Extension at Majnoon Oil Field
By John Lee. KBR has announced the renewal of its engineering, procurement, and construction management (EPCM) contract with Basra Oil Company (BOC) for the Majnoon oil field in Iraq, extending the agreement for another two years. Under the contract, KBR will continue delivering EPCM services to support production targets, enhance operational efficiency, improve safety, and increase local content. Jay Ibrahim, President of KBR Sustainable Technology Solutions, emphasised KBR's role in advancing the sustainable development of the Majnoon field, a key national asset. Mr. Kadhim Kareem, CEO of the Majnoon Field at BOC, confirmed KBR's status as a strategic partner in delivering safe and efficient projects that support the field's long-term development. Days earlier, the US-based firm was awarded a front-end engineering design (FEED) contract by KAR Electrical Power Production Trading FZE (KEPPT) for the development of a major fertilizer facility in Basra. (Source: KBR)
Trade Arabia
3 days ago
- Business
- Trade Arabia
KBR secures EPCM contract renewal with Basra Oil Company
Global engineering company KBR has announced that it has secured the renewal of its engineering, procurement, and construction management (EPCM) contract with Basra Oil Company (BOC) for the Majnoon Oil Field for an additional two years. Under the contract, KBR will continue to provide comprehensive EPCM services to help BOC sustain forecasted production capacity, enhance operational efficiency, maximize local content, and drive continued safety improvements. "This contract extension is a testament to the strong working relationship between KBR and BOC, and further reinforces KBR's ongoing commitment to Iraq's national energy strategy and the sustainable development of the Majnoon field, one of the most strategic assets in the country," said Jay Ibrahim, the President for KBR Sustainable Technology Solutions. "KBR is committed to support local development and contribute to Iraq's long-term domestic capacity enhancement," he added. Kadhim Kareem, the CEO of Majnoon Field at Basra Oil Company, said: "KBR will continue to be our strategic partner in EPCM projects in Majnoon, successfully supporting our long-term development goals and maximizing field potential through safe, efficient, and sustainable project execution." KBR's team in Iraq comprises a high number of local professionals to meet the targeted percentages at the Majnoon site and other regional hubs, ensuring the seamless execution of ongoing and upcoming projects as part of the Growth II Program, he added.-TradeArabia News Service
Zawya
5 days ago
- Business
- Zawya
KBR wins Feed contract for ammonia plant in Iraq
Global engineering company KBR has announced that it has secured a front-end engineering design (FEED) contract from KAR Electrical Power Production Trading (KEPPT) for an ammonia and urea production plant located in Iraqi city of Basra. On completion, the ammonia plant will boast a 2,300 MT per day production capacity and the urea facility a 3,850 MT per day capacity. As per the contract, KBR will be executing the project using its proprietary ammonia technology, which has been mainly designed to enable high efficiency, low emissions and operational reliability. On the contract win, Jay Ibrahim, the President of KBR Sustainable Technology Solution, said with a 38,000-strong workforce, the company has been involved in the licensing, design, engineering and construction of more than 260 ammonia plants worldwide. "We are honoured to support this pivotal project, which monetises gas feedstock to boost the agricultural industry in Iraq," he stated. KBR currently operates in over 29 countries, serving customers in more than 80 countries. Through this project, Iraqi government aims to generate employment and help reduce the nation's dependency on fertilizer imports while repositioning the country as a global ammonia producer. Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. ( BAGHDAD
