Indonesian state-run energy giant Pertamina will build its first refinery since 1997. The company will team up with Russia’s Rosneft to build the facility in East Java, with an outlay of as much as $13bn.
The refinery is slated to be completed by 2021. The new refinery will have a capacity to process 300,000 barrels of crude a day.
Pertamina is hoping to get additional production of 35,000 barrels of oil a day and a reserve of 200m barrels from acquiring interests in several oil fields in Russia, the company’s senior management said at a press conference in Jakarta yesterday.