Jakarta. President Prabowo Subianto said Thursday that the door was open to Russian oil investments despite setbacks to Rosneft’s Tuban project.

Speaking at Vladivostok’s Eastern Economic Forum, Prabowo admitted he wanted to see more Russian investment in the country, saying bilateral ties should go beyond trade alone. His Russian counterpart Vladimir Putin was in the room.

“Our future cooperation can be much larger than trade in goods. In energy, Indonesia welcomes Russian cooperation that raises the productivity of oil and gas exploration, production, and processing,” Prabowo said.

He went on to say that Indonesia had opened up “138 blocks of energy exploration”, also up for grabs for Russian investors with the necessary technology.

Putin earlier had told Prabowo that he wanted to expand Russia’s economic ties with Jakarta. Hid not specifically mention oil — at least in the live-broadcast part of their lunch.

Albeit Prabowo’s calls for investments, Russian oil giant Rosneft has already established a joint venture with the state-owned oil firm Pertamina. The entity, also known as Pertamina Rosneft Pengolahan dan Petrokimia (PRPP), will work on the $24 billion grassroots refinery in the East Java regency of Tuban. This project has faced obstacles after Moscow faced numerous Western sanctions following the war in Ukraine. 

A "final investment decision" by Rosneft is now pending, according to media reports, as it will clarify whether the company remains committed to the project. 

PRPP kicked off the prequalification for the so-called “engineering, procurement, construction, and commissioning” (EPCC) tender earlier this year as it waited on Rosneft's update.

Russian investment in Indonesia neared $100 million throughout 2025, government data showed. 

Indonesia has pivoted to importing Russian oil after the Strait of Hormuz closure disrupted the energy supply chain.

The Southeast Asian country not long ago welcomed 770,000 barrels of oil, but more shipments would arrive later as Jakarta placed an order for up to 150 million barrels, local news agencies wrote.

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