Indonesia’s Pertamina, Russia’s Rosneft ink $13b Tuban Refinery framework agreement

Photo by Vincencia NLS

Indonesia state-owned energy provider PT Pertamina and Russia’s oil & gas producer OJSC Rosneft Oil Company signed the framework agreement on greenfield Tuban Refinery project in East Java.

The project, with a refining capacity of 300,000 bpd –45 per cent produce gasoline, 35 per cent diesel and 20 per cent feed for petrochemical– is estimated to require an investment of around $13 billion.

Also Read: Indonesia Pertamina, Saudi Aramco set up JV for Cilacap Refinery development
The signing of agreement between vice president of Rosneft Didier Casimiro and Pertamina’s director Rachmad Herdadi was witnessed by Russia’s Ambassador Michael Galuzin, Coordinating Minister for Economic Affairs Darmin Nasution, State Own Enterprises Minister Rini Soemarno and Directorate General for Oil & Gas for Energy and Mineral Resources I Gusti Nyoman Wiraatmadja Puja.

Nasution in his speech said, larger investments done by the likes of Rosneft and Pertamina were very important for Indonesia and the the project had possibility to develop both upstream to downstream industry.

CEO of Pertamina Dwi Sutjipto said, the company will own at least 55 per cent at the joint venture company that has set up to build the refinery while Rosneft will own the the remaining stake.

“There is also potential for Pertamina to step in as a shareholder in Rosneft’s upstream projects in Russia.,” said Casimiro, adding that Rosneft was keen on creation of a regional energy hub in Indonesia.

Pertamina expects to supply crude oil to the refinery and could produce 35,000 bpd from Russia’s block. The company is in the process of seeking the block in Russian to fulfill the requirement, added Sutjipto.

Also Read: Indonesia’s Pertamina takes majority in offshore gas block from French Total E&P, Japan’s Inpex

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).   

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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.