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The Capital Investment Coordinating Agency (BKPM) will propose tax holiday for Kuwait Petroleum Corporation. The company will team up with state-owned company PT Pertamina to build oil refineries by US$6-8 billion of investment.
"We'll recommend [tax holiday] because their value of investment is higher than US$500 million," said BKPM Head Gita Wirjawan on Thursday, Jan 20.
Gita said the recommendation is put forward due to huge investment value and scales that Kuwait Petroleum Corporation recorded.
The Kuwait oil company will set up oil refineries in Balongan, Indramayu, West Java, whose memorandum of understanding will be signed in February 2011.
In addition to tax holiday, the Ministry of Finance will also grant incentives for foreign direct investment. The government also prepares Law on land acquisition and is willing to offer infrastructure development through public-private partnership.
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