Rosneft, Pertamina set up JV to build oil refinery on Java Island

MOSCOW, Nov 28 (PRIME) -- Russian oil major Rosneft and Indonesian Pertamina agreed to form PT Pertamina Rosneft Pengolahan dan Petrokimia, a joint venture to construct a refinery on the island of Java, Rosneft said in a statement on Tuesday.

“Rosneft and Indonesian state-owned oil and gas company Pertamina completed the establishment of the joint venture for the development of Tuban grass root refinery and petrochemical complex in Tuban in the East Java province of Indonesia,” it said.

PT Pertamina Rosneft Pengolahan dan Petrokimia was established under an agreement signed in 2016, which implies Rosneft’s share at 45% and Pertamina’s share at 55%.

“Rosneft and Pertamina conducted the project feasibility study and moved to basic engineering and design (BED) of Tuban grass root refinery… The parties confirmed possibility of arranging project financing after bankability study performed with the international financial institutions,” the statement read.

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