Indonesia needs to offer incentives to woo both local and foreign companies to invest in costly oil refineries, a senior government official has said.
Deputy Energy and Mineral Resources Minister Rudi Rubiandini said that for oil and gas business players, the sizeable investment to build refineries would not meet their desired internal rate of return (IRR).
Currently, according to Rudi, the rate of return of investment in the refinery business was less than 10 percent.
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