Pertamina looks for new partner in Tuban refinery project

State oil and gas company PT. Pertamina said it was looking for new partner to develop Tuban refinery project in East Java after Chinese company Sinopec showed little interest in progressing the project, a company official said.

Pertamina processing director Suroso Atmomartoyo said that the company is now looking for another investors to speed up the project?s development.

Suroso said that thus far, Sinopec had not given confirmation about the US$1.5 billion funding for the project. Suroso also estimated that the project?s investment would increase due to boom in refinery construction all over the globe. He estimated that the construction cost could double to as much as $3 billion.

The planned Tuban would have a capacity to process crude oil of between 150,000 and 200,000 barrels per day. Its operation would raise the company's total fuel production to about 1.050 million barrels per day. (godang)