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Indonesia, RoK Sign MoU on Oil and Gas Cooperation

JAKARTA – Indonesian energy producer PT Pertamina and a consortium of companies of the Republic of Korea (RoK) have signed a Memorandum of Understanding (MoU) to explore opportunities for business cooperation in Indonesia’s oil and gas sector, specifically the Dumai in Riau Master Plan for Refinery Production (RDMP).
The signing was done online on May 20, as witnessed by Bahlil Lahadalia, head of the Investment Coordinating Board.
The state-building company, PT Nindya Karya, was also involved in the transaction while DH Global Holdings Co represented the Korean consortium Ltd.
It is expected that the USD $1.5 billion projects would increase domestic oil and fuel production potential, minimize dependence on oil imports and resolve the current account deficit in the future, Lahadalia said in an official statement released on May 21.
The deal is in keeping with the efforts of the Indonesian Government to support the acceleration of the National Strategic Projects implementation of megaprojects.
Pertamina Director, Ignatius Tallulembang, said the third parties will be conducting a study to upgrade the Dumai Refinery, expressing his hope that a significant milestone will come in December.
Pertamina aimed to double its capacity to 2 million barrels per day, produce environmental friendly fuel products of the Euro5 standard and petrochemical products.
(Sahar News Monitoring Desk)

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