Pertamina, Saudi Arabian firm to build refinery in Tuban
Thursday, May 17 2001 - 04:30 AM WIB
State oil and gas company Pertamina and a Saudi Arabian company would build a 150,000-barrels per day (bpd) refinery in Tuban, East Java, Pertamina's president Baihaki Hakim said on Thursday.
"The construction of the refinery will start any time soon," Baihaki told reporters following the signing ceremony of new oil and gas contracts at the ministry of energy and mineral resources.
He said Pertamina would have a 30 percent stake in the refinery joint venture, with the remaining 70 percent shares to be held by the Arabian firm.
Baihaki however did not name the Arabian firm as well as the total investment needed for the project.
He said the development cost of the refinery would be minimal because it would be built adjacent to petrochemical firm Trans Pacific Petrochemical Indotama (TPPI). Pertamina and its Arabian partner could benefit from the infrastructure that has been built by TPPI. (Alex/Godang)