An investment decision on Rosneft and Pertamina refineries in Indonesia is expected in 2024
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Final investment decision (FID) on the Rosneft oil refining complex project (MOEX: ROSN) and the Indonesian Pertamina on the island of Java in Indonesia may be accepted in the second to fourth quarter of 2024. This was announced by the Director General for Oil and Gas of the Ministry of Energy and Mineral Resources of Indonesia, Tutuka Ariadzhi.
“This is a business process between Rosneft and Pertamina. Next year there will be a final investment decision, maybe in the second or fourth quarter a decision will be made between Rosneft and Pertamina,” Mr. Ariadzhi said during the Russian Energy Week forum (quote from TASS).
Rosneft and Pertamina signed documents on expanding cooperation in October 2016. At the same time, the parties approved an agreement to create a joint project for the construction of an oil refining and petrochemical complex in Indonesia (the city of Tuban in the province of East Java). Rosneft received 45% in the project, Pertamina – 55%.
The development of the initial design of the complex was completed in May 2022, and the general engineering design was ready in August of the same year. The design capacity of primary oil refining is planned at up to 15 million tons per year. The complex itself was planned to be commissioned in 2027. The cost of the project is estimated by Indonesia at $24 billion.
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