Pertamina completes acquisition of TPPI

State-owned oil and gas firm PT Pertamina has officially completed the acquisition of another 22 percent stake in PT Trans Pacific Petrochemical Indotama (TPPI), which operates a fuel refinery in Tuban, East Java.

This was said by Pertamina President Director Dwi Sutjipto on Monday.

Pertamina acquires the additional shares from Agro Capital BV and Agro Global Holdings BV. With shares held by Ministry of Finance?s Asset Management Company has also been transferred to Pertamina, the oil and gas firm now controls over 70 percent stake in TPPI.

The TPPI refinery resumed production of the Premium fuel in early October, running at 60 percent of installed production capacity of 80,000 barrels per day. Dwi said that the refinery is expected to run at full capacity in November.

He said that Pertamina is currently seeking ways to increase condensate supply to the TPPI refinery, which is still suffering of condensate shortage of about 40 percent. (*)