Rosneft, a Russian oil company and Pertamina have signed, in Jakarta (Indonesia), a number of documents reflecting a concrete cooperation between the companies.
Rosneft and Pertamina signed a GRR Tuban JV Agreement (JVA) that serves as an underlying agreement of creation of a Joint Venture Company (JVC) that would implement the project for the construction of the Tuban refining and petrochemical complex llocated in the eastern part of Java (Indonesia). The JVA specifies the allocation of equity stakes between JV participants (Rosneft – 45%, Pertamina – 55%, respectively), JV management and governance, feedstock, marketing dan offtake, funding principles, HR, standard clauses and further steps for implementation. The parties are currently developing a bankable feasibility study (BFS) of the project whilst the final investment decision (FID) on the project will be made upon the results of the BFS, basic engineering design (BED) and front end engineering design (FEED).
The design capacity of primary processing at the Tuban complex is 15 million MTA. 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 300,000 tons. The establishment of the JV marks a new phase in the development of a modern refining and petrochemical complex in Indonesia. The project is an important part of Rosneft’s and Pertamina’s mutual cooperation, which is instrumental to providing energy supplies for Indonesia and the region. It is also consistent with Rosneft’s aim to achieve a stronger presence in the oil & gas market in the Asia-Pacific Region.
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