Indonesia’s Pertamina picks Cosmo Energy, Oman’s OOG for $10b refinery

Photo: Pertamina website

Indonesia’s Pertamina appointed a consortium of partners to develop a new $10 billion refinery at Bontang, said Ardhy N. Mokobombang, director of refinery megaprojects and petrochemicals at the state-owned energy company.

Indonesia, one of Southeast Asia’s biggest fuel importers, hopes to reduce its import bill by improving its ageing domestic refining infrastructure, but some projects have been delayed because of financing issues.

Pertamina hopes to soon finalise a framework agreement with Oman’s Overseas Oil and Gas LLC (OOG) and Cosmo Oil International, a trading unit of Japan’s Cosmo Energy Holdings, to develop the Bontang facility, Mokobombang said on Tuesday.

The Oman government will provide financial support for the project, in which Pertamina expects to take an initial 10 percent stake, Mokobombang said.

Pertamina would have the rights to supply 20 percent of the crude for the refinery, and Oman the remainder, he said. Pertamina plans to reach a final investment decision on the 300,000-barrel-per-day Bontang grass roots refinery project in mid-2020, he said.

“Hopefully in 2025 this refinery will be operational,” Mokobombang told reporters. A spokeswoman for Cosmo Energy Holdings in Japan said only that the company has not made an investment decision on the project yet. OOG is “active in the development of a number of energy related projects,” including a refinery project in Indonesia, it said on its website.

OOG could not be reached for comment.

Reuters

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.