Saudi Aramco, Pertamina sign JV for Cilacap Refinery

According to a statement on the company’s website, Saudi Aramco and Indonesia’s state oil and gas company Pertamina signed a Joint Venture Development Agreement in Jakarta to jointly own, upgrade and operate Cilacap Refinery in Java, Indonesia. Under the agreement, Pertamina will own a 55% stake of the new refinery while Aramco will hold the remaining 45%.

As part of the upgrade plan, the capacity of the refinery is expected to increase to 400,000 barrels/day from 348,000 barrels/day in efforts to meet Indonesia’s increasing demand for refined products, lubricant base oils and petrochemicals. Via the upgrade of the Cilacap Refinery, the refinery will also be able to produce petrochemicals including PX, propylene, and PP as well as lubricant base oils.

The new project is expected to start up in 2021.