Pertamina to upgrade Balongan and Cilacap refineries in 2002

State oil company Pertamina plans to start constructing new gasoline production units at two refineries, starting with its Balongan refinery early 2002, Dow Jones Newswires reported on Thursday.

By 2003-2004, the new platformers will produce high-octane gasoline components at two of its largest refineries, Cilacap and Balongan, at an estimated cost of US$300 million, the wire said.

"Hopefully, by 2004, we can cut high-octane gasoline import," the wire quoted a spokesman as saying without elaborating on the extent of cuts.

Pertamina is embarking on a buying spree ahead of market liberalization effected by a new Indonesian oil and gas law aimed at removing the monopoly held by the state-owned enterprise. (Robert)