Tehran, Jakarta reach agreement for oil refinery construction: Report
Wednesday, March 16 2005 - 01:29 PM WIB
Tehran and Jakarta here on Wednesday reached agreement for establishment of an oil refinery in Indonesia, IRNA News agency reported.
Iran's Oil Minister Bijan Namdar Zanganeh and his Indonesian counterpart Purnomo Yusgiantoro raised the agreement in a meeting on the sidelines of the 135th Ordinary Meeting of the OPEC Conference.
Under the agreement, Tehran and Jakarta would conduct feasibility studies to build a refinery that would operate with a production capacity of 300,000 barrels of oil per day.
The National Iranian Oil Company and Pertamina will undertake the project. The Naftiran Intertrade Company will hold a 30 percent stake in the project. (*)