VIENNA, Nov 29 (PRIME) -- Indonesia expects to sign a final agreement with Russian oil major Rosneft on construction of the Tuban oil refinery in 2017, while construction is slated to start in 2019, Wiratmaja Puja, head of the oil and gas department at Indonesia’s Ministry of Energy and Mineral Resources, told PRIME on Tuesday.
“We have signed a memorandum of understanding and are currently preparing a final agreement, it will be signed in 2017… Construction will start in 2019,” he said.
Rosneft will have a 49% stake in the oil refinery and Indonesia’s Pertamina will own 51%. Investments are planned at U.S. $10 billion.
Rosneft and Pertamina signed a framework agreement to cooperate in construction of an oil refinery in the town of Tuban in late May. The projected capacity of the refinery amounts to 15 million tonnes of oil per year.
Indonesia is discussing cooperation with Rosneft and oil majors Gazprom Neft and Lukoil in oil production projects in Russia, Puja also said, adding that Indonesia was interested in oil fields in East Siberia.
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