05.12.2017 • NewsElaine BurridgeRosneftrefinery

Rosneft and Pertamina in Petchems JV

Russian oil company Rosneft and Indonesian energy group Pertamina have formed a...
Russian oil company Rosneft and Indonesian energy group Pertamina have formed a joint venture to build a grassroots refinery and petrochemical complex (c) Rosneft

Russian oil company Rosneft and Indonesian energy group Pertamina have formed a joint venture to build a grassroots refinery and petrochemical complex in Tuban, East Java, Indonesia. The move is the next step between the partners following the signing of a framework cooperation agreement in May 2016.

The jv, to be called PT Pertamina Rosneft Pengolahan dan Petrokimia Indonesia, will be owned to 55% by Pertamina and 45% by Rosneft. The project comprises a refinery designed to process 15 million t/y of medium and heavy sulfur crude oil grades. The petrochemicals complex is planned to produce more than 1 million t/y of ethylene and 1.3 million t/y of aromatics.

After conducting feasibility study, the companies said they have now moved to basic engineering and design.

Moscow-based Rosneft said the project is an important part of its strategy targeting growth in Asia-Pacific, where Indonesia is one of the most promising and rapidly growing economies. It noted that the country is currently a net importer of motor fuels and petrochemicals.

In August, the Russian firm bought Indian refinery group Essar Oil for nearly $13 billion, marking its first step into Asia’s refining sector. The deal includes Essar’s oil refinery in Vadinar, Gujarat, the second largest refinery in India with a capacity of 20 million t/y. Rosneft said the refinery has significant prospects for expansion and petrochemicals development.

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