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JAKARTA (RAMBUENERGY.com) – Indonesian state owned energy company PT Pertamina has agreed to set a joint venture company with Russia’s oil and gas company Rosneft. The JVC will be responsible to develop Grass Root Refinery (GRR) Tuban.
The agreement was signed on late Monday. Based on the agreement, Pertamina holds 55 percent in the JV firm and the remaining 45 percent is owned by Rosfnet.
Currently, Tuban Refinery project is still under basic feasibility study. The Final Investment Decision (FID) of the project will be decided after basic feasibility study, basic engineering design and front-end engineering design (FEED) is completed.
The government wants GRR Tuban to process 15 mitric tons per annum.
In addition, both parties also signed memorandum of understanding (MOU) to joint develop upstream oil and gas business potentials in Russia.
CEO of Rosnef Igor Sechin said the cooperation will benefit both parties as well as cementing business relationship between Indonesia and Russia.
President Director of Pertamina Dwi Soetjipto said that the cooperation with Rosneft is part of Pertamina’s drive to fulfil energy security in Indonesia. (*)
