Russia's Rosneft and Indonesia's Pertamina set up a JV

According to a statement on the company’s website, Russia’s Rosneft Oil Co. and Indonesia’s state-owned PT Pertamina have set up a joint venture for the development of Tuban grass root refinery and petrochemical complex (TGRR) in East Java, Indonesia.

According to the agreement, Pertamina has a share of %55 while Rosneft owns 45% of the jointly established PT Pertamina Rosneft Pengolahan dan Petrokimia.

The companies executed the feasibility study of the project and proceeded to basic engineering and design (BED) phase of the complex.

The new complex is expected to produce 1.3 million tons/year of PP, 650,000 tons/year of PE, 500,000 tons/year of styrene and 1.3 million tons/year of PX.