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FINANCIAL NEWS
Kuwait Petroleum, SK Energy ink MoU to develop oil refinery
06 Sep 2012
(MENAFN) Kuwait Petroleum International (Q8) announced that it has inked a Memorandum of Understanding (MoU) with SK Energy, the South Korean firm, to develop an oil refinery in Indonesia, reported Kuwait News Agency (KUNA).
Q8 said that that oil refinery is designed to refine Kuwaiti crude oil in a percentage of 100 with an accommodation of 200,000-300,000 barrels per day (bpd) in an integrated system.
Moreover, the MoU included the development of a petrochemicals complex, also in Indonesia.
It is worth noting that the project, which would be based in Indonesia’s Balunjan region on the island of West Java, will be developed in collaboration with Indonesia’s PERTAMINA, the government-owned corporation that specializes in oil and gas mining, extracting, and refining.
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