Hemoco picks ABN AMRO financial adviser for S. Sulawesi refinery project

Hemoco Selayar International has appointed international financial institution ABN AMRO Bank NV as its financial adviser for the oil refinery project in South Sulawesi, company said in ad placed in The Jakarta Post Sunday.

Hemoco Selayar is a joint venture between Hemoco Kuwait General Trading and Contracting Company (60 percent) and a local firm, PT Kilang Minyak Bumi (40 percent). Hemoco Selayar announced earlier it had planned to build a US$ 2.4 billion export-oriented refinery and petrochemical complex in Selayar Island, South Sulawesi.

According to the ad, the results of the advisory work will be followed by the front engineering design state and select an engineering procurement construction (EPC) company before the end of 2003.

The feasibility study has been completed and the construction facility is expected to be completed by the end of 2007.

Kuwait Petroleum Company will supply crude oil for the refinery. The initial capacity of the facility will be 150,000 barrels per day (BPD) in the first phase, to be increased to 225,000 BPD. Products will include Middle Distillates (kerosene, motor, and diesel fuel). (*)