Prof. Dr. Ridwan Dewayanto Rusli

SM, MSCEP, Dipl.-Chem.

Campus Südstadt
Claudiusstraße 1
50678 Köln

  • Telefon+49 221-8275-3467


  • Professor for International Finance and Strategy
  • Co-Director, MA in International Management and Intercultural Communication/GlobalMBA


  • International Finance and Strategy TH Köln: International finance and management accounting, global strategy, planning and control simulation games, M&A and corporate finance case studies.
  • Industrial Organization, Microeconomics and Public Economics, International Corporate FInance. Previously Nanyang Technological University and University of Luxembourg: Public economics and industrial organization, and MIT Sloan School: Sponsor of M&A and corporate finance case studies.


  • Public- and industrial economics, international finance and strategy, energy- and environmental policy. Focus on (i) state-owned firm and public-private partnership financing and regulation, (ii) international finance, strategy, innovation and M&A, (iii) energy, infrastructure, natural resource and environmental policy, (iv) social welfare and agency theory


Book chapter

  • The Indonesian transboundary haze game: Countering free-riding and local capture
    Rusli, Ridwan D., 2018, Hg.: Chapter 13 in Pollution Across Borders: Transboundary Fire, Smoke and Haze in Southeast Asia, Editor Prof. Euston Quah, Nanyang Technological University, Singapore,
    We identify solution strategies and policies to abate man-made forest fires in Indonesia, mitigate the resulting transboundary haze pollution and enforce zero-burning regulation. Bargaining for abatement and enforcement exhibits characteristics of a repeated game-of-chicken with cross-border free-riding and local capture problems. The combined free-riding and capture problems must be tackled by shifting the incentives of the Indonesian central government, local bureaucrats and business elites, plantation and forestry companies, farmers and residents. Neighbouring country governments can offer technical and financial incentives to the Indonesian central and local governments, residents and farmers, while asserting control over regional plantation companies with business and financial interests in their jurisdictions.
  • The logic of energy policy: The case of upstream oil, gas, coal and downstream oil sectors in Southeast Asia
    Rusli, Ridwan D., April 2013, Hg.: Co-editors Hong, Mark and Amy Lugg, Asan Institute of Policy Studies (AIPS) and Institute of Southeast Asian Studies (ISEAS), Singapore,
    This chapter describes a systematic approach to energy policy in Southeast Asia. It analyzes the interdependence between two out of the three main objectives of energy policy, namely economic competitiveness and energy security. The focus is on the Southeast Asian upstream oil, gas and coal as well as downstream oil refining and distribution industries. The framework takes on a holistic approach to the making of energy policy. It can be extended to other alternative energy sources and fuel types, to the downstream gas and coal processing, transport and distribution infrastructure sectors. This framework can also be applied to more specifically target the interdependence between economic competitiveness, energy security and environmental sustainability. The analysis starts with an examination of country-specific geographic, demographic, economic and socio-political determinants of energy policy. These provide the basis for selecting an optimal set of industrial, sector, trade, investment and fiscal policy instruments, as well as a feasible implementation program. The derived policy grid is compared to the actual energy policies of selected Southeast Asian countries. It is observed that all governments have relatively detailed energy sector policy blueprints, albeit with variations across sub-sectors especially in relation to the relatively recent alternative energy and climate change sub-sectors. However, the implementation of these energy policy programs in some countries is hampered by institutional and socio-political constraints, and the need for governments to pursue more rigorously commercial strategies.

Book review

  • Review of Vlado Vivoda: Energy security in Japan, challenges after Fukushima
    Rusli, Ridwan D., 2016, Hg.: Singapore Economic Review 61:4,
    The study of Japan's energy security challenges post-Fukushima is not only critical to this highly industrialized nation that possesses almost no indigenous resources, but also of great relevance to other countries exposed to imported energy feedstocks, whose energy mix include nuclear power generation, and whose industries are regulated and affected by political and institutional inertia. The author argues that Japanese energy policy is embedded in the country's specific political, economic and social context. While energy transitions are inherently difficult and costly, the implementation of new energy policies is further constrained by existing interests and institutions. This path dependency makes it more difficult for government and industry to engineer major shifts in energy mix and develop new energy technologies in a shorter time period.

Journal Article

  • State-Owned Firms and Private debt
    Picard, Pierre M., and Ridwan D. Rusli, October 2018, Hg.: Journal of Public Economic Theory 20:5, pp. 672-702,
    We study the role of private debt financing in reducing government transfers and information costs in a state-owned firm. We show that debt contracts allow the government to reduce socially costly subsidies by letting undeperforming state-owned firms default. When the firm has private information, the government uses debt to reduce the firms` information rents. The option of default and privatize allows the government to stop subsidizing the firm. We identify the conditions under which information costs outweigh privatization costs and a positive debt level benefits governments.
    04.2018 JPET Picard Rusli

Journal article

  • Reinterpreting social processes: How system theory can help to understand organizations and the example of Indonesia’s decentralization
    Duek, Ana, Brodjonegoro, Bambang, and Ridwan D. Rusli, 2010, Hg.: Emergence: Complexity & Organization 12:4, pp. 30-56,
    The complexity of social systems is characterized by the possible occurrence of simultaneous or sequential processes of structural change. This paper is focused on certain types of structural change: (i) those produced by assembly and disassembly and (ii) those resulting from decisional and/ or behavioral processes, including both bottom-up and top-down processes. These general concepts from system theory are applied to the case of Indonesia’s decentralization. The well-known story of Indonesia’s remarkable transition to a democratic society and decentralized nation is presented here in an alternative manner that has allowed us to identify types of structural changes in empirical events. Ultimately, this analysis offers a better explanation of the intrinsic complexity of any social organization and demonstrates an approach to similar problems.
    Duek Brodjonegoro Rusli Reinterpreting social processes

Journal Article

  • Mechanism of CH2+. Radical-Cation Transfer from Distonic Ions X-CH2+. to pi- and n-Electron Bases in the Gas Phase. A Fourier Transform Ion Cyclotron Resonance Study Supplemented by ab initio MO Calculations
    Rusli, Ridwan D., and Helmut Schwarz, 1990, Hg.: Chemische Berichte 123 pp. 535-540,

PhD Thesis in Microeconomics

  • Financing and Regulation for Developing Country Natural Resource and Energy Industries
    Rusli, Ridwan D., mimeo 2013, Hg.: University of Luxembourg
    This thesis summarizes my PhD research on the institutional and political economy aspects of the resource, energy and infrastructure industries in developing countries. The papers that constitute this thesis relate to my previous work on natural resource and energy policy as well as my research in public finance and fiscal decentralization. In the first paper Pierre M. Picard and I use a contract-theoretical model to study the role of private debt financing in disciplining a state-owned firm. In the second paper we model and examine the impact of price caps on the welfare of build-operate-transfer concessions. In the third paper, written with James Cust, we use a panel regression to analyze direct and fiscal spillovers related to resource extraction across Indonesian districts.

Working Paper

  • Subnational Government Budgets and Resource Revenues in Indonesia: Indications of Resource Blessings?
    Rusli, Ridwan D., and Wessel N. Vermeulen, Forthcoming 2019, Hg.: Institute of Global Business and Society (GloBuS), Technische Hochschule Köln
    We examine the economic consequences of resource extraction and the associated revenue windfalls on subnational government revenues and spending patterns. Making use of Indonesia's fiscal sharing rules and an offshore oil and gas production instrument, we find, surprisingly, a positive impact of resource revenues on the center-local balancing funds and general allocation fund, despite the latters' fiscal rebalancing purposes. By contrast, fiscal windfalls from resource extraction increase public sector spending on capital and infrastructure projects as well as public goods and services, with positive spillover benefits on local tax revenues. At the same time spending on personnel and administration increase less and decrease as percentage of total expenditures. While public spending is largely localized, neighboring-districts analysis enable us to isolate direct economic spillovers from (cross-border) extraction projects. Reinforcing the validity of the offshore instrument we find that only onshore private extraction projects correlate with public infrastructure investments.
  • GO-JEK’s Ride-Hailing-cum-Diversified & Sustainable E-Commerce Platform
    Ridwan D. Rusli, Forthcoming 2019, Hg.: Institute of Global Business and Society (GloBuS), Technische Hochschule Köln
    Indonesian GO-JEK's platform and ecosystem strategy is analyzed using strategy frameworks that emphasize customer- and system lock-in, platforms and services. Cusumano's (2012) Staying Power and Six Principles and Hax and Wilde's (2003) The Delta Model were used to explain the company's rapid growth and success. In addition, GO-JEK's track record of rapid expansion and diversification is attributed to what Santos (2016) describes as the three key home-market advantages, namely access to global knowhow, integration with and active engagement in local markets and institutions. The Company has built-up a huge User network and can now attract complementary third-party products and services providers and Apps developers, thus gaining almost unlimited potential in content expansion and critical mass in consumer data analytics. In turn it will experience rapid growth in its advertising revenue base. We argue that GO-JEK's business model is more sustainable and the company will reach profitability sooner than some of its major comparables and rivals.

Working paper

  • The economic spillovers from resource extraction: a partial resource blessing on the subnational level?
    Cust, James, and Ridwan D. Rusli, 2014, Hg.: Economic Governance Centre, NTU, Discussion paper 2014-02,
    We examine the economic consequences of resource extraction and associated revenue windfalls, measured at the subnational level. Our analysis focuses on variations across Indonesian districts and municipalities to estimate the spillover effects on economic activity, measured in terms of local GDP. Two important channels are identified: direct spillover effects from extraction activity, and the fiscal spillovers from local government spending associated with revenue windfalls from extraction activity. We use Indonesia`s fiscal sharing rules to quantify and disentangle these two channels by application of an instrumental variable. We show that the main economic gains accrue via transfers to, and spending by, local government. While direct project-level investments and production contribute to measures of overall GDP, these are found to be largely driven by the value of oil extraction, with only limited evidence for a direct impact on non-oil GDP. In contrast to other works, it appears that regionally decentralized government spending can be growth-enhancing over the decade surveyed. We argue that resource endowments do contribute to increased economic activity at the subnational level in Indonesia, but may lower the overall growth effect of spending.
    Cust Rusli Subnational economic spillovers Oil
  • State-owned firms: Private debt, cost revelation and welfare
    Picard, Pierre M., and Ridwan D. Rusli, Nov 2012, Hg.: CREA Discussion Paper 2012-10,
    We study the role of private debt financing in reducing information costs in a state-owned firm. We show that debt contracts allow the government to avoid socially costly subsidies by letting unprofitable state-owned firms default. When the firm has private information, the government uses debt to reduce the firms` information rents. The option of default and privatize allows the government to stop subsidizing the firm. We identify the conditions under which information costs outweigh privatization costs and a positive debt level benefits governments.
    Picard Rusli State-owned firms Private debt
  • The natural resources industry in decentralized Indonesia: how has decentralization impacted the mining, oil and gas industries?
    Duek, Ana, and Ridwan D. Rusli, Dec 2010, Hg.: CREA Discussion Paper 2010-25,
    Indonesia’s decentralisation laws have granted local governments more authority for generating higher own revenues and running more tailored decentralised public services. There is evidence, though, that inefficient and ineffective local governance continues to predominate after decentralisation. Regional autonomy, as defined in the decentralisation laws, has left some matters ambiguous, requiring more detailed implementing regulations. In the natural resource sector, in particular, the implementation of these laws has generated uncertainty for most social actors. Traditional as well as new formal and informal rules of conduct among a wide array of social actors continue to influence the management and allocation of the economic and social benefits of natural resources at the local level. All this has resulted in central-local policy inconsistencies and coordination issues, new hierarchies along geographic-political divisions, the wider spread of corruption, serious fiscal and environmental issues and adverse effects on the investment climate of the country.
    Duek Rusli Indonesia natural resources Decentralization


  • Integrated Financing for Asian E&P Independents
    APAC Oil & Gas Assembly, Singapore
    Jan 2015
  • How are IOCs and Independents Building a Future for APAC Exploration?
    World NOC Congress Asia, Bangkok
    Nov 2014
  • Indonesia Oil and Gas Policy: Challenges and Opportunities
    Indonesia Oil and Gas Summit, Bali
    Feb 2014
  • On the regulation and financing of public and private projects and firms
    Real World Leadership Series, Nanyang Technological University, Singapore
    Dec 2013
  • Indonesia Oil & Gas
    Asia Oil and Gas Awards 2013, Bangkok
    Nov 2013
  • Global Gas Fundamentals
    Asian Natural Resources Conference, HSBC, Hong Kong
    Sep 2013
  • On the welfare impact of price caps on build-operate-transfer (BOT) concession contracts
    Public Economic Theory Conference, Catholic University Lissabon
    Jul 2013
  • Comparing the Growth, E&P and Funding Strategies of IOCs, Independents and Service Companies Operating in the Asian Continent
    Asia Oil & Gas Assembly, Hong Kong
    Apr 2013
  • State owned firms: Private debt, cost revelation and welfare
    Workshop on Procurement and Infrastructure, Toulouse School of Economics, World Bank & ANR
    Mar 2013
  • State owned firms: Private debt, cost revelation and welfare
    Doctoral Seminar, Oxford Centre for the Analysis of Resources Rich Economies (OXCARRE), University of Oxford
    May 2012
  • State owned firms: Private debt, managerial commitment and welfare
    State owned firms: Private debt, managerial commitment and welfare’, Indiana University Bloomington
    Jun 2011
  • Environmental Trends in Chinese and Asian Coal Trade
    Asian Coal Supply Chain Logistics, Singapore
    Nov 2008
  • Clean Energy – A Disruptive Technology?
    Asian Youth Energy Summit, National University of Singapore
    Oct 2008
  • Oil & Gas, Natural Resources: Valuation and Hedging for M&A and Financing
    Massachusetts Institute of Technology, Cambridge
    Oct 2008
  • Asian Oil, Gas and Coal Sector: Comparative Energy Policy and Priorities for Southeast Asia
    Institute for Southeast Asian Studies, Singapore
    Mar 2008
  • China Energy Sector – A Brief Overview
    Massachusetts Institute of Technology, Cambridge
    Feb 2008
  • Indonesian Oil, Gas and Chemical Sector
    Bandung Institute of Technology, School of Business and Management
    Sep 2007
  • China Oil & Gas Sector Investment Matrix
    Massachusetts Institute of Technology (MIT) Forum for the Future of Energy in China, Shanghai
    Apr 2007
  • China Coal Sector Investment and Consolidation Considerations
    MIT Forum for the Future of Energy in China, Shanghai
    Apr 2007
  • M&A and Investment Activity in Canadian Oil Sands
    1st World Heavy Oil Conference, Beijing
    Nov 2006
  • Mining and Resources Sector Acquisition- and Project Financings
    12th Coaltrans Asia Conference, Bali
    Jun 2006
  • Indonesia Infrastructure Funding – Public Private Partnerships
    Indonesia Infrastructure Summit 2005, Jakarta
    Jan 2005
  • ASEAN Energy Sector – Opportunities for Growth
    ASEAN Finance Ministers’ Forum, New York
    Sep 2004


2014-2017 Department of Economics, Nanyang Technological University, Singapore
Lecturer and visiting research fellow in public economics and industrial organization, Applied Economics Master's program.
2008-2017 Director, Exergy Advisory Pte Ltd, Singapore
Finance, strategy and energy consulting (Asia); Senior Advisor, M&A, PricewaterhouseCoopers (SE Asia, 2016-2017); Senior Advisor, Northstar Pacific private equity (Indonesia/SE Asia, 2008-2012); Non-executive Directorships, Petrocom Energy Ltd (Hong Kong/China, 2008-2010) and 2-the-Point Pte Ltd (Singapore/Zürich, 2008-2010).
2010-2016 Samudra Energy Ltd, Singapore/Jakarta
Oil & gas exploration and production, Director (2010-2016), CEO (2012-2015).
2009-2012 University of Luxembourg
Research and teaching in public economics and industrial organization, PhD thesis on Financing and Regulation for Developing Country Natural Resource and Energy Industries (Defense May 2013).
2008-2009 Lee Kuan Yew School of Public Policy, National University of Singapore
Research fellow, Asia Competitiveness Institute; research in political economy of Indonesian natural resource and infrastructure industries.
1994-2008 GS, LB, UBS, Credit Suisse Investment Banking
Corporate finance and mergers & acquisitions; Frankfurt, London, Zurich, Singapore; Head of Natural Resources and Co-Head of Energy, Asia Pacific.
1993-1994 Lurgi AG and Lurgi Öl Gas Chemie
Chemical process engineering and EPC, Europe and Asia.
1990-1992 Massachusetts Institute of Technology
MSC in Chemical Engineering Practice (Feb 1993), Rosemary Wojtovicz Fellowship, tutor in engineering thermodynamics and chemical reaction engineering. SM (MBA, Feb 1993) with concentration in finance and operations management, research in operations management, MIT Sloan School of Management, Scholarship of the Technical University of Berlin.
1989-1990 The LEK Partnership, Munich
Strategy consulting
1983-1989 Technical University of Berlin
Diplom Chemiker (MSc in Chemistry), summa cum laude (Apr 1989), Klaus Koch Foundation Scholarship, research in theoretical- and physical organic chemistry, tutor in mathematics; Energy and Process Engineering undergraduate (1983-1984).



Alle Menschen guter Art empfinden bei zunehmender Bildung, daß sie auf der Welt eine doppelte Rolle zu spielen haben, eine wirkliche und eine ideelle, und in diesem Gefühl ist der Grund alles Edlen aufzusuchen.

Johann Wolfgang von Goethe (Weimar, 1802)

Would not be cast into dejection by the thought that what is great is transient? If instead we find that the past was great, that should encourage us to produce some great work ourselves, which when it too falls to ruins, will spur our descendants to undertake some noble activity, as our forebears never failed to do.

Johann Wolfgang von Goethe (Italian journey, 1786-1788)

Ich hielt es für besser, etwas zu leisten, als nichts zu versuchen, weil man nicht alles leisten kann.

I considered it better to achieve something, rather than to attempt nothing, because one cannot achieve everything.

Alexander von Humboldt (an Friedrich Anton von Heinitz, Steben, 1794)

The most important thing in life is not the triumph but the struggle. The essential thing is not to have conquered but to have fought well.

Baron Pierre de Coubertin (Athens, 1896?)