Indonesia, RoK sign MoU on oil and gas cooperation

Indonesian energy producer, PT Pertamina, and a consortium of companies of the Republic of Korea (RoK) signed a memorandum of understanding (MoU) to explore business cooperation opportunities in Indonesia’ oil and gas industry, specifically in the Refinery Development Master Plan (RDMP) of Dumai in Riau.

25, May. 2020

Photo by Patrick Hendry on Unsplash
Photo by Patrick Hendry on Unsplash

JAKARTA, VNA - Indonesian energy producer, PT Pertamina, and a consortium of companies of the Republic of Korea (RoK) signed a memorandum of understanding (MoU) to explore business cooperation opportunities in Indonesia’ oil and gas industry, specifically in the Refinery Development Master Plan (RDMP) of Dumai in Riau.

The signing was carried out online on May 20, witnessed by head of the Investment Coordinating Board Bahlil Lahadalia.

The state construction firm, PT Nindya Karya, also involved in the deal while the Korean consortium was represented by DH Global Holdings Co. Ltd.

The 1.5 billion USD project is expected to increase domestic oil and fuel production capacity, reduce the reliance on oil imports and address the current account deficit in the future, said Lahadalia in an official statement released on May 21.

The deal is accordance with the Indonesian Government’s efforts to support the acceleration of the implementation of mega projects under the National Strategic Projects.

Pertamina Director, Ignatius Tallulembang, said the third parties will conduct a study on upgrading the Dumai Refinery, expressing his hope that there will be an important milestone in December.

Pertamina aimed to double its capacity to 2 million barrels per day, produce environmentally friendly fuel products of the Euro5 standard and petrochemical products. - VNA