JAKARTA, 23 August 2008 - Twenty-one foreign and domestic investors cancelled their plans to set up oil refineries in Indonesia worth a total US$41.4 billion approved by the government in the period 1994 - 2000. The oil refineries were supposed to be built on Java island, Aceh province, and Riau on Sumatra island, Kalimantan, and West Nusa Tenggara province, said Muhammad Nadjib, deputy chief for investment development at the Capital Investment Board (BKPM).

The projects were automatically canceled as that was the Indonesian rule when an investment project was not realised within three years since being officially approved, Nadjib was quoted by the Antara news agency as saying. The investors obtained the government’s approval for their plans in 1994 - 2000 but they shelved them because the government did not meet their requests for tax holidays, tax exemption for capital good imports, and investment guarantees.

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