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Energy

Indonesia signs $15bn deal with U.S. company to turn coal into chemicals

NYSE-listed Air Products to build local industry for higher-value-added products

A coal barge is towed on a river in South Sumatra, Indonesia. (Antara Foto/Nova Wahyudi via Reuters)

JAKARTA -- Indonesia has signed a deal worth $15 billion with an American gas processing and chemical company to develop a coal gasification industry in the country, a government agency said on Friday.

The memorandum of understanding was signed between Indonesia's Investment Coordinating Board (BKPM) and Air Products and Chemicals on Thursday in Dubai, where President Joko Widodo currently is, a statement from BKPM said.

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