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China may invest up to US$25 bln in Indonesia

Aug. 5, 2010 (China Knowledge) - China Investment Corp, the country's US$300-billion sovereign wealth fund, is likely to invest up to US$25 billion in Indonesia, said Mustafa Abubakar, a senior government official from Southeast Asia's biggest economy, on Tuesday.

Abubakar said that the Chinese sovereign wealth fund had expressed interest in investing in three state-owned Indonesian companies: coal miner PT Tambang Batubara Bukit Asam, electricity firm Perusahaan Listrik Negara, and port operator Pelindo.

The first batch of investment by CIC will be about US$2 billion, added Abubakar.

Last year, CIC lent US$1.9 billion to Bumi Resources, Indonesia's biggest coal firm, via debt instruments. Bumi Resources said recently that the Chinese investor might buy shares of the coal firm that is controlled by the powerful Bakrie family.

In 2009, CIC invested US$58 billion overseas and booked an 11.7% return on its overseas investment, whereas it suffered a 2.1% loss on its global investment portfolio in the previous year, according to the fund's annual report released earlier.

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