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Indonesia scraps land tax on oil and gas exploration AKARTA: Indonesia has scrapped a land tax that companies pay while exploring for oil and gas, a move that might encourage exploration at a time of concern that it could fall sharply due to tumbling oil prices.According to a ministerial decree posted on the Finance Ministry's website, the tax office is no longer assessing a 0.5 percent "land and building tax" charged on the area in which companies are carrying out exploration activities, effective from Jan. 1.Wahju Tumakaka, spokesman for the ministry's tax office, said the interpretation used for taxing exploration areas was wrong, thus the ministry amended the regulation.The tax "is supposed to be applied for those using Indonesian land. In terms of the oil and gas sector, it should only be applied during production stage," Tumakaka told Reuters.He said that in 2014, the land and building tax from oil and gas exploration and production work brought in about ...

Oil prices edge up in Asian trade SINGAPORE: Oil prices rebounded in Asia Friday after plunging in the previous session in reaction to news that the OPEC cartel had overproduced in December, while it also cut its global demand outlook.US benchmark West Texas Intermediate for February, which dived $2.23 Thursday, was up 31 cents at $46.56.Brent North Sea crude for March added 20 cents to $48.47. The February contract for Brent fell $1.02 Thursday, its last day of trading.Despite Friday's small gains, ...
Middle East Crude-Qatari oil slumps into wide discount SINGAPORE: Qatari grades slumped into wide discounts in the Middle East crude market on Thursday, with al-Shaheen sold at the lowest differentials in years amid ample supply and lower demand in Asia.OPEC is maintaining its output even though global supply has exceeded demand, depressing oil prices to the lowest in nearly six years. The supply pressure will build in the second quarter when Asia's crude demand falls as refineries shut for seasonal maintenance.State oil marketer ...
Oil prices rally loses steam in Asian trade SINGAPORE: Oil prices fell in Asia on Thursday after a bargain-buying rally the day before lost steam, with a pick-up in US inventories reinforcing concerns about weak demand and a supply glut.US benchmark West Texas Intermediate (WTI) for delivery in February fell 52 cents to $47.96 in afternoon trade and Brent crude for February fell 62 cents to $48.07.Both contracts rose sharply on Wednesday -- WTI gained $2.59 and Brent advanced $2.10 -- as bargain ...
LNG buyers should be wary of getting what they want LAUNCESTON: Asian buyers of liquefied natural gas may come to view the plunge in oil prices as a case of be careful what you wish for, as you may get it.For several years Asian LNG consumers have been keen to see an end to the long-standing practice of linking the price of the super-chilled fuel to crude oil, most often with a sliding scale referred to as a slope.The buyers have argued that this exposes ...
Oil prices rally loses steam in Asian trade SINGAPORE: Oil prices fell in Asia on Thursday after a bargain-buying rally the day before lost steam, with a pick-up in US inventories reinforcing reinforcing concerns about weak demand and a supply glut.US benchmark West Texas Intermediate (WTI) for delivery in February fell 37 cents to $48.11 in late-morning trade and Brent crude for February fell 56 cents to $48.13.Both contracts rose sharply on Wednesday -- WTI gained $2.59 and Brent advanced $2.10 -- as ...
Middle East Crude: March al-Shaheen sells at wider discounts SINGAPORE: The Middle East crude market came alive on Wednesday as trade for March-loading cargoes kicked off with al-Shaheen sold at wider discounts, weighed down by ample supply and lower demand in Asia. Cargoes sold prior to Tasweeq's tender loading in the first half of March were sold at $1.50-$2 a barrel below Dubai quotes versus discounts of $1 in the previous month, traders said. Discounts for cargoes lifting in the second half of the ...

 



 
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ICT 2014


Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyNovember
Trade Balance $-1.664 bln
Exports $1.966 bln
Imports $3.630 bln
WeeklyJanuary 25, 2015
Reserves $15.019 bln