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.
More free plastics newsPlastic resin (PP, LDPE, LLDPE ,HDPE, PVC, GPS; HIPS, PET, ABS) prices, polymer market trends, and more...
- Asian ABS players turn cautious after recent rally
- July PVC dealt lower in Europe, what lies ahead for August?
- China’s Jan-May total polymer imports hit a record of nearly two decades
- India’s local PVC market soars to 6-month high after customs hike
- China’s export PET market faces correction after rising 10% from two-year-low
- Spot propylene moves in opposite directions in Asia and Europe
- European PS hits year-to-date low on July drops
- Turkey’s PP market on par with China, LLDPE and HDPE trade at discount
- Bearish trend persists in July for PP, PE in Mid-East, Africa
- Vietnam’s PE market sees first hike attempts after two months