Hyundai plans to build oil refinery in East Java

Hyundai Group of South Korea has expressed its interest to build an oil refinery in Banyuwangi regency East Java to tap into Indonesia?s growing need of processed oil, Bisnis.com reported on Monday.

?They have expressed their interest and would soon conduct a feasibility study,? Banyuwangi Regent Abdullah Azwar Anas said on Sunday night. The regent said that the Korean company would soon send at least 50 experts to conduct the feasibility study.

?A team of experts from Hyundai will arrive this month,? he said, adding that a number of companies from Singapore and the United States had also unveiled their intention to build factories in the regency.

In order to accommodate the growing interest from both local and overseas investors, the Banyuwangi administration would prepare over a hundred hectares of land to set up a real estate developer. (*)