FINANCIAL NEWS

Kuwait Petroleum to invest $9b in Indonesia

16 Jul 2010

(MENAFN) Indonesian Industry Minister MS Hidayat stated that Kuwait Petroleum Corp will invest $8 billion to $9 billion in a new 300,000 barrels per day (bpd) oil refinery on Indonesia’s Java island, Reuters reported.

The move would help cut fuel shipments into Asia’s biggest gasoline and diesel importer, where delapidated refineries do not meet demand in Southeast Asia’s biggest economy and where no new refinery has been built since 1995.

Hidayat said Kuwait Petroleum Corp and Indonesia’s state energy firm Pertamina will sign an MOU at the end of this month for a refinery in Balongan in western Java.

Indonesia’s state oil firm Pertamina has said previously it planned to build a new refineries in west and east Java in joint ventures with foreign investors, and to boost capacity at its refineries in Balikpapan, Dumai and Balongan.

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