PT Pertamina and Rosneft Oil Company Tuesday agreed to form a joint venture company that will build and operate a oil refinery and petrochemical complex in East Java, Indonesia, which is estimated to need up to $15 billion in investment.
Pertamina, an Indonesian state-owned company, will hold a 55% stake in the joint venture, while its Russian partner holds the remaining 45%. The refinery will have a processing capacity of 300,000 barrels of oil per day, and will produce fuels that meet Euro 5 emissions standards for cars, Pertamina said.
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The fuels that will be produced will be 80,000 barrels of gasoline, 99,000 barrels of diesel, and 26,000 barrels of aviation fuel per day.
The company will start the construction of the project in 2020, with completion expected in 2024.
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(END) Dow Jones Newswires
November 28, 2017 02:48 ET (07:48 GMT)