Pertamina, partners to sign Banten refinery JV company
Monday, July 27 2009 - 02:56 AM WIB
State oil and gas company PT Pertamina and its partners will sign formation of joint venture company to develop a crude refinery in Banten Bay on July 29, 2009, a Pertamina official said.
Spokesperson Basuki Trikora Putra said that under the JV company, Pertamina will have 40 percent stake while National Iranian Oil Products Refining &Distribution Company (NIORDC) and Malaysia?s Petrofield Refining Company will have 40 percent and 20 percent shares, respectively.
Basuki said the JV will develop a refinery with capacity of 300,000 barrels per day. Earlier reports said the project would cost the JV around US$5 billion with completion seen in 2015.
Basuki said South Korean company STX Corporation may acquire stake in the JV company, but did not give detail. (godang)