Indonesia to allow private investors to build oil refineries
Darmin Nasution, Coordinating Minister of Economics of Indonesia, stated that refinery projects will be opened to private investors in the future on condition that refined products are sold to state-owned oil company Pertamina for distribution. Pertamina and its partners had previously had a monopoly on Indonesian refinery projects. Nasution added that investors will be able to request tax or non-tax incentives from the government.
Pertamina is currently operating four refineries while the government is hoping to build new refineries or expand existing facilities in order to cope with Indonesia’s demand for fuel. Pertamina will reportedly upgrade its refinery in Cilacap, Central Java in cooperation with Saudi Aramco.
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