Indonesia woos nations for refinery venture
It hopes to upgrade ageing refineries in US$25b project as president overhauls country's energy industry
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Jakarta
INDONESIA is seeking money from Saudi Arabia to Japan for a US$25 billion upgrade of ageing refineries as President Joko Widodo's effort to cut subsidies prompts the state-owned oil company to boost output.
PT Pertamina is in talks with Tokyo-based JX Nippon Oil & Energy Corp to refurbish its Balikpapan refinery and may turn the plant into a joint venture, according to a statement on Dec 10. Saudi Aramco Oil Co, the country's largest crude supplier, may revamp three other domestic plants and China Petroleum & Chemical Corp also signed a memorandum of understanding.
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