Rosneft and Pertamina to sign a framework deal on oil refinery
Rosneft had previously said that two companies are negotiating possible participation of Pertamina as a shareholder in its upstream projects while they also expressed willingness to participate in downstream projects in Indonesia.
Indonesia rejoined the Organization of the Petroleum Exporting Countries (OPEC) last year to be able to increase cooperation and source more crude from Saudi Arabia. According to BP statistics, Indonesia consumes 1.6 million barrels of oil per day (bpd) and produces around 0.85 million bpd.
The new Tuban refinery, which is planned to be completed in 2021, will have a crude processing capacity of 300,000 bpd. Meanwhile, Pertamina is planning to increase its refining capacity from 1 million bpd to 2.3 million bpd with the aid of expansion works.
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