News Post
Rosneft, Pertamina to form JV for refining, petrochemicals
Photo courtesy of Rosneft.
Rosneft and Pertamina signed a JV agreement that serves as the underlying agreement for the creation of a JV company that would implement the construction of the Tuban refining and petrochemical complex located in the eastern part of Java, Indonesia.
The JV agreement specifies the allocation of equity stakes between JV participants (Rosneft – 45%, Pertamina – 55%, respectively), JV management and governance, feedstock, marketing and offtake, funding principles, HR, standard clauses and further steps for implementation.
The parties are currently developing a bankable feasibility study of the project. The final investment decision (FID) on the project will be made upon the results of the bankable feasibility study, basic engineering design and front end engineering design.
The design capacity of primary processing at the Tuban complex is 15 MMtpy. It will run on imported medium and heavy grades of sour crude. The project provides for the construction of a large fuel oil catalytic cracker and a petrochemical complex. The complex is assumed to be able to accommodate VLCC supertankers with a deadweight of up to 300 Mt.
The establishment of the JV marks a new phase in the development of a modern refining and petrochemical complex in Indonesia.
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