14 refinery projects postponed
Tuesday, August 15 2000 - 04:00 AM WIB
The office of state minister of investment and state enterprises development has approved proposals from 14 refinery investors to postpone the development of their refinery projects. A deputy for services and facilities for investment, Yus'an, said the postponement given by his office would be affective for one year.
The 14 investors are PT Buana Ganda Perkasa, PT Asia Pacific Petroleum Refinery Indonesia, PT Sabang Oil Refinery Corp., PT Norco Internusa, PT Indo-XO Ltd., PT Hammet Oil Refinery, PT Kilang Pare-Pare Nusantara, PT Asia Pacific Bontang, PT Paras Refining, PT Pusatminyak Indonesia Timur, PT Hemoco Selayar, PT Mitra Kartika Petroleum, PT Nias Oil Refinery, and PT South Java Refinery.
Yus'an said that in the period of 1992 to 1998, his office had issued investment licenses for 17 refinery projects.
Out of the 17 refinery project licenses, one belonging to PT Tanjung Uban Refinery was revoked because it could not execute the development of its refinery plant. Tanjung Uban was granted the license to build a refinery in Nov. 1992.
Meanwhile, PT Indo Moody Oil Comp. Corp. that got the license to build a refinery on Nov. 1994 returned the license.
Yus'an said that according to the licenses his office issued, investors were required to build their refineries in three years time since the license was issued.
"So far only PT Humpuss Pengolahan Minyak that has built its refinery and started production," Yus'an said.
He added that three more companies had shown their seriousness to build their refineries. They are PT Paras Refining, PT Pusatminyak Indonesia Timur, and PT Hemoco Selayar. (*)