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Indonesia, Iran plan a $2b oil refinery contract

Press TV - Indonesia's Pertamina oil and gas company plans to sign a deal with Iran to build a US$2b oil refinery in Indonesia's Banten region.

The oil refinery will have a maximum capacity of 200,000 barrels of oil per day.

If the joint venture materializes, the facility will be the second-largest oil refinery in the country, The Jakarta Post reported.

Pertamina's director, Ari Soemarno, had said earlier that a team from the company's processing and refinery division was on its way to Tehran to meet with representatives of National Iran Oil Company.

The team will discuss a number of points before the signing, including the security of the crude oil supply.

The two companies had long planned the project but negotiations stalled over a disagreement on the refinery's oil supply.

Indonesian president to visit Tehran

Indonesia's President Susilo Bambang Yudhoyono is due to fly to Tehran next week to hold talks with Iranian officials on energy ties.

Indonesia's presidential spokesman, Dino Patti Djalal, told Reuters that President Susilo will also meet with the Leader of the Islamic Revolution Ayatollah Seyyed Ali Khamenei and President Mahmoud Ahmadinejad.

Indonesia, the only OPEC member in Asia Pacific, has nine oil refineries scattered across the archipelago, with total capacity of around one million bpd. However, 30 percent of its oil products consumption is imported.

Jakarta is keen to attract investment, particularly in its energy sector. Indonesia's state oil firm Pertamina is sending a team to Iran to discuss plans to build an oil refinery jointly with Tehran in the Southeast Asian country, a company official said.

The official, who declined to be identified, said originally Pertamina had struck a preliminary deal to build a refinery with a capacity of 300,000 barrels per day (bpd), but wanted to revise that down to between 150,000 to 200,000 bpd.

Indonesia was the only country that did not vote in favor of an anti-Iran resolution by the United Nations Security Council on March 3.

... Payvand News - 03/07/08 ... --

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