A statement from Bahlil’s office said Ng “welcomed the proposal and the next step for both countries to explore such collaboration opportunity.”
“Minister Ng did not commit to exploring this collaboration at this time,” said the source who was not authorized to speak on the record. “It is very unlikely we will be doing this (joining an OPEC-like nickel group). Officials expressed high levels of reservation about the Indonesian proposal.”
A spokeswoman for the Indonesian investment ministry did not respond to a request for comment made outside of office hours.
Oil companies in many OPEC countries such as Saudi Arabia are owned by the government while in countries such as Nigeria contracts stipulate that government can compel private companies to cut or raise production.
A suggestion for a nickel OPEC had been met coolly by Canadian producers, who said a global cartel would not benefit them.
“Canadian companies are…
