IOC undecided on acquiring stake in Indonesia's PT Tuban

13-Nov-06

Indian Oil Corporation has a long-term plan of expanding globally and is looking at countries such as Yemen, Egypt and Indonesia for exploration & production (E&P) and petrochemicals projects. However, despite the preliminary viability report being ready, IOC is yet to decide on acquisition of stake in Indonesia's PT Tuban Petrochemicals Industries. An internal team of the company has undertaken the project viability study. Tuban Petro is a US$3 bln petrochem complex owned 70% by the Government of Indonesia and 30% by Pertamina, Itochu Corporation, Tuban Petrochemicals Pte Ltd, and Sojitz Corporation (formerly Nissho Iwai Corporation). Combined capacity at the complex is 3.6 million tpa of petrochemicals products, comprising of : 1 million tpa of aromatics (500,000 tons paraxylene, 200,000 tons benzene, 150,000 tons toluene), 1 million TPA of naphtha, and 1.6 million TPA of kerosene and diesel.