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Indonesia mulls to cut down gas price in November

Xinhua, October 4, 2016 Adjust font size:

Indonesian president Joko Widodo said on Tuesday that his administration planned to decrease the price of the country's natural gas in November.

The plan was intended to make the nation's gas commodity remain competitive amid tight competitions among gas producer countries.

"According to my calculations, our natural gas price can be around 5 to 6 U.S. dollars per mmbtu," the president was quoted as saying in an said official statement.

Indonesia's current price of natural gas, which is at a range of 9.5 U.S. dollar/mmbtu to 12 U.S. dollar/mmbtu, is much higher if compared to that of offered by neighboring countries like Vietnam (at 7 U.S. dollar/mmbtu), and Malaysia and Singapore whuch is equally offered at 4 U.S. dollar/mmbtu, according to the president.

President Widodo said his administration needs to make supply chain of the natural gas more efficient.

The gas price reduction plan was also intended to make investment climate more attractive, he added.

"Our natural gas price must stay attractive to investors and at the same time support the development of distribution network infrastructure," the president said.

Indonesia is a major natural gas exporter country. Its gas deposit was recorded at 141 trillion cubic feet as of January 2012. Endit