FINANCIAL NEWS

Kuwait Petroleum signs agreement with Petramina

21 Aug 2010

(MENAFN) Kuwait Petroleum International Company (KPI), a wholly owned subsidiary of Kuwait Petroleum Corporation (KPC), and Pertamina, an Indonesian state owned limited liability company signed a memo of understanding for a feasibility study of a new oil refinery in Indonesia, Reuters reported.

Under the memo, both parties will jointly carry out a prefeasibility and feasibility study for an investment opportunity in Indonesia for the proposed new Balongan refinery with a capacity of 200 to 300 KBPD integrated with Petroleum complex located in west Java, as well as downstream marketing activities.

The document marks the first step in further expanding the existing cooperation between the two companies to fresh levels and towards a new era in the development and realization of their long-term strategy.

It is worth mentioning that KPC and Pertamina have had a long-standing relationship in crude and oil products trading and in the upstream business.

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