Oil companies are a common sight in the capital city of Jakarta.
This week, we will hear of another.
The Jakarta Stock Exchange (JSE) said it had sold nearly 1.3 billion Indonesian rupiah ($2.8 billion) worth of shares in two firms.
The stocks, valued at more than $1 billion, were sold to an investment firm called the JSE Asset Management.
The company, known as Ocelot, made its fortune by buying and selling oil companies, and is currently in a legal battle with the government over its takeover of a state-owned oil company.
Ocelots stock price was about $8 per share on Friday, before a court case was filed.
The Indonesian government has been pressuring Ocelotte for months to sell its shares, which would give it a controlling stake in Oceloto, which owns one of the world’s biggest crude oil companies.
In February, the government announced it was planning to sell Oceloteys shares.
Ocecelot is one of two Indonesian companies that had its shares sold to the investment firm in February.
In July, Indonesia’s government agreed to buy the remaining shareholdings of oil giant Petrojav Energy for an estimated $1.9 billion.
Petrojevos shares fell 5 per cent on Friday to their lowest level in six years.
The deal will be made public after the court case is resolved.
Oil companies in Indonesia make up about a fifth of the country’s economy, accounting for around 80 per cent of the total economy.
The government has made a string of investments in the oil sector since the 1980s, including setting up the countrys oil ministry, as well as privatising oil and gas exploration and production.
It has also set up a new central bank to control the economy and has made major investments in infrastructure, including in infrastructure to move people and goods around the country.