Indonesia plans state firm to handle upstream oil and gas business

JAKARTA, Feb 13 (Reuters) - Indonesia has submitted to parliament a bill that proposes to set up or designate a state firm to carry out upstream oil and gas activities, as it moves to scrap red tape that hinders investments.

Made public late on Wednesday after its submission, the bill provides for private companies in upstream oil and gas activities to sign production-sharing contract with the state firm.

It also drops requirements for an upstream oil and gas regulator, a task now performed by SKK Migas. (Reporting by Fransiska Nangoy; Editing by Clarence Fernandez)

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