Posts Tagged ‘barter-trading’

Indonesia to Buy $1.14 Billion Worth of Russian Jets

August 22, 2017

JAKARTA — Indonesia will buy 11 Sukhoi fighter jets worth $1.14 billion from Russia in exchange for cash and Indonesian commodities, two cabinet ministers said on Tuesday.

The Southeast Asian country has pledged to ship up to $570 million worth of commodities in addition to cash to pay for the Suhkoi SU-35 fighter jets, which are expected to be delivered in stages starting in two years.

Indonesian Trade Minister Enggartiasto Lukita said in a joint statement with Defence Minister Ryamizard Ryacudu that details of the type and volume of commodities were “still being negotiated”. Previously he had said the exports could include palm oil, tea, and coffee.

The deal is expected to be finalised soon between Indonesian state trading company PT Perusahaan Perdangangan Indonesia and Russian state conglomerate Rostec.

Related:

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Indonesian Air Power – Pilots of the Air Force’s Sukhoi SU-30MK2 aircraft walk on the tarmac after a rehearsal of the 2016 Angkasa Yudha airborne training module at Hang Nadim Airport in Batam, Riau Islands, on Oct. 3, 2016. (Antara/MN Kanwa)

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Indonesia to Barter Coffee, Palm Oil, Tea And Other Agricultural Commodities for Russian Jet Fighters

August 6, 2017

Jakarta Post

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Indonesian Air Power – Pilots of the Air Force’s Sukhoi SU-30MK2 aircraft walk on the tarmac after a rehearsal of the 2016 Angkasa Yudha airborne training module at Hang Nadim Airport in Batam, Riau Islands, on Oct. 3, 2016. (Antara/MN Kanwa)

Indonesian state-owned trading company PT Perusahaan Perdagangan and Russian state-owned company Rostec have signed a memorandum of understanding to barter Indonesian agricultural commodities for Russian jet fighters.

“The barter deal, which is under the supervision of the two governments, will involve 11 Sukhoi SU-35 jet fighters and several commodities like coffee, palm oil, tea and others,” Trade Minister Enggartiasto “Enggar” Lukita said in a statement on Friday.

Enggar, who is on an official visit to Russia from Aug. 3 to 5, expressed his hope that the agreement would be followed by other agreements in other sectors.

Read also: Indonesia working on Russian barter offer: Trade MinisterRussia currently faces economic sanctions imposed by the United States and the European Union. In response, Russia has limited imports from the US and EU and is looking to other countries for commodity imports.

“It is an opportunity we have to seize. The great potential for economic cooperation during the embargo and counter embargo goes beyond trade and investment issues. We also have the opportunity to enhance cooperation in tourism, student exchange, energy, technology, aviation, etc.,” Enggar added.

Trade between Indonesia and Russia in 2016 amounted to US$2.11 billion – with Indonesia posting a surplus of $411 million – compared to $1.9 billion in 2015. Indonesian non-oil exports to Russia grew by 8.50 percent in the last five years to a value of $1.3 billion in 2016, while Indonesian exports from January to May this year grew by 54.43 percent to $1.12 billion. (bbn)

http://www.thejakartapost.com/news/2017/08/04/indonesia-to-barter-coffee-cpo-for-russian-jet-fighters.html