Abstract

The downstream policy calls for limiting or even ceasing exports of raw materials while increasing exports of semi-finished and finished commodities. The policy has been in effect since 2023. The government believes that Indonesia has seen a number of positive improvements, particularly in terms of the benefits that Indonesia can obtain, which add value to state income. However, there is still some dispute over the influence of downstream policies, particularly in the energy industry. Aside from the increased state income from the mining industry, we must consider the influence of downstreaming on the movement of shares in Indonesian energy businesses. This study intends to give a descriptive analysis of Indonesia's energy shares before and after the implementation of the downstream policy.