Indonesia to relax the requirement for letters of credit to cover oil and gas exports


Reuters report: It was stated that Indonesia will remove a requirement for oil and gas exporters to be paid through letters of credit with Indonesian banks in a bid to support exports, Energy Minister Sudirman Said told a reporter on Thursday (10 September).

"Oil and gas exports are expected to be smoother with the exemption of letters of credit for the sector," the Minister said, adding that it was also hoped to attract more investment to the upstream oil and gas sector.

The change of regulation is expected to be completed by October.


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