<![CDATA[This study analyzes the legal aspects of investment related to the implementation of the Specific Natural Gas Price Policy (HGBT) for downstream Foreign Direct Investment (FDI) companies. The findings show that the HGBT policy has successfully attracted and stabilized downstream FDI in Indonesia, yet it simultaneously generates significant legal risks for the State through the creation of strong legitimate expectations. The withdrawal of HGBT without a clear and gradual exit strategy potentially triggers Investor-State Dispute Settlement (ISDS) claims based on alleged violations of Fair and Equitable Treatment (FET). Moreover, there are indications of potential fiscal losses to the State despite increased tax revenues associated with the policy, requiring further examination to identify their underlying causes. This study concludes that legal solutions for managing the HGBT policy must be grounded in the principles of proportionality and sustainability to maintain a conducive investment climate while mitigating the risk of international disputes.]]>
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