Five foreign firms compete for Tuban refinery project
Wednesday, February 10 2016 - 02:32 AM WIB
Five foreign companies are now competing to be the strategic partner of state-owned oil and gas firm PT Pertamina in developing an estimated US$8-9 billion refinery project in Tuban, East Java.
Processing Director of Pertamina Rachmad Hardadi said to Petromindo.com that out of 12 companies that have participated in a ?beauty contest? held by Pertamina to select a partner in the project, the company has picked out five firms.
He said that the five companies include Saudi Aramco (Saudi Arabia), Kuwait Petroleum International or KPI (Kuwait), Rosneft (Russia), Sinopec (China), and a consortium of Thailand firms PTT GC and Thai Oil.
Rachmad said that some participants had decided to back down from the project. ?In the end, Iran?s NIOC did not to continue, while JX Nippon and Idemitsu backed down because they want to focus their projects which are currently in the finishing stages,? Rachmat said.
Meanwhile, Indian Oil is not eligible to advance to the next stage, according to Rachmat.
"Currently, the five companies are still in the evaluation process. Tentative in the third week of February, there will be a decision to determine who will be the JV partner with Pertamina,? he said.
Editing by Reiner Simanjuntak