Refining & Petchem Asia,

09-11 Sep, 2015 - Singapore, SINGAPORE

Goodwood Park Hotel Singapore

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News Feed

Iran, China & Indonesia sign JV to build new refinery on East Java island

Posted on : 28 Jul, 2015

 

Iran, China and Indonesia have finalised a deal to construct a refinery on Indonesia’s East Java island. The new refinery will have a capacity to process 150,000 barrels of heavy crude oil per day.

 

This is a major push to Indonesia’s refinery sector – that currently operates four refineries, producing 800,000 barrels per day. Each of the four refineries operating in Indonesia have capacities ranging between 300,000 bpd and 350,000 bpd.

 

With the commissioning of the new refinery, the country’s total refining capacity is slated to rise to 1.68 million barrels per day by 2022. This will help Indonesia to reduce oil product imports.

 

Under the JV, Iran is expected to supply feedstock and partially finance the project while China will take care of a major chunk of the finance – estimated to be 85% of the total funds required.

 

Iran is hopeful of supplying heavy crude feedstock to Indonesia on a long-term basis. It is also envisaged that the private sector from the three countries will build five more refineries to process gas condensates in Indonesia.

 

It’s estimated that $3.5 billion is required to build the six projects that includes the oil refinery.

 

Iran has also reached a final agreement with Indonesia to build 48 power plants in the Southeast Asian country.

 

Besides Indonesia, Iran has collaborated with Brazil to construct a refinery for processing 300,000 barrels per day of crude oil and they are negotiating with India to construct a refinery with a processing capacity of 400,000 bpd of crude oil.

 

More on Indonesia’s refinery sector developments will be discussed by Dempsy Robby Kambey, General Manager, PT Kreasindo Resources Indonesia at Refining & Petchem Asia (Incorporating Refining Outlook Asia & 22nd Asia Petrochemical Summit) on 9-11 September, 2015 in Singapore.

 

Contact Ms. Huiyan at huiyan@cmtsp.com.sg or call +65 6346 9113 for more details.

 

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