Hemoco Selayar vows to continue oil project in South Sulawesi
Saturday, May 27 2000 - 04:00 AM WIB
Hemoco Selayar International Oil Refinery is still committed to continue with its mega oil project plan on the Selayar Island in South Sulawesi, he Media Indonesia daily reported.
The project is expected to be developed starting this year.
Hemoco Selayar is a joint venture between Hemoco Kuwait General Trading & Contracting Co. (60 percent) and local company called PT Kilang Minyak Bumi Selayar.
The Kuwait firm is owned by Al Ahmed Al Sabah, the son of Kuwait's emir Sheik Ali Jaber.
The paper said that the company would invest some US$2.5 billion in the initial stage, and another $4 billion for the next 10 years.
Hemoco Selayar CEO HM Alwy said that the oil refinery facility will have a capacity of 225 thousands barrel of oil per day and was expected to start production in the next three years. (*)