Rosneft and Pertamina set up a joint venture to build the Tuban Refinery

29.11.2017       

Moscow. PJSC «NK «Rosneft» and the Indonesian state-owned oil and gas company Pertamina have completed the establishment of an enterprise for the construction of an oil refining and petrochemical complex in Tuban on the island of Java in Indonesia. The joint venture PT Pertamina Rosneft Pengolahan dan Petrokimia was established in accordance with an agreement signed in October 2016, which provides for the distribution of shares between the participants of the joint venture (Rosneft – 45%, Pertamina – 55%) and regulates the principles of enterprise management.

Rosneft and Pertamina have completed the feasibility study of the project and are moving on to the stage of basic refinery design. Favorable market conditions and consumption growth prospects in Indonesia enabled the joint working group of Rosneft and Pertamina to develop a competitive concept for a new refinery and petrochemical complex. The parties confirmed the possibility of attracting project financing after a preliminary study of the interest of international credit organizations in financing the project.

more than 1 million tons/year for ethylene and 1.3 million tons/year for the production of aromatic hydrocarbons. The raw material base for the production complex will be imported medium and heavy sour crudes. It is planned that the complex will be able to receive VLCC class supertankers with a deadweight of up to 300,000 tons.

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