Pertamina to acquire overseas refinery

By Godang Sitompul

State-owned oil and gas firm PT Pertamina is seeking to acquire 51 percent stake in a fuel refinery located in one of Southeast Asian countries.

Pertamina Processing Director Rachmad Hardadi said that the targeted refinery has a capacity of 200,000 bpd.

He declined to provide further details, but said that the acquisition was made to take advantage of the current situation where many refineries overseas are running at below capacity, 60-70 percent of installed capacity, due to the drop in global crude price.

Meanwhile, a source told Petromindo.com Tuesday that Pertamina was aiming to acquire a refinery in Singapore owned by Royal Dutch Shell company.

Editing by Reiner Simanjuntak