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Jakarta Post

Pertamina seeks more investors for Balongan refinery

Jakarta   /   Sat, July 17 2010   /  11:00 am

Having recently secured a partnership commitment with Kuwait Petroleum Corporation (KPC), state-owned oil company PT Pertamina says it is looking for more investment partners to expand the existing a refinery in Balongan, West Java, that will cost US$8 billion.“The capital needed to build [this refinery] is enormous… We expect more investors to join with Pertamina and Kuwait,” State Enterprises Minister Mustafa Abubakar told reporters in Jakarta on Friday.Mustafa said KPC and Pertamina would meet in the near future to determine ownership stakes in the project. Pertamina is expected to push for a majority share.The Balongan refinery currently has a total processing capacity of 125,000 barrels of oil per day. The expansion is expected to raise that capacity to 325,000 bpd in 2014.At present, Pertamina operates six refineries with a total capacity of 1,036,000 bpd. About 65 percent of...