Oman to invest US$7 bln in refining, petrochemicals complex in Indonesia

01-Jun-15

Oman has committed to invest US$7 bln to build oil storage facilities, a petrochemical plant and a refinery in Indonesia's Riau province, with the oil products being purchased by state-owned Pertamina. The project is now in the process of issuing of permits, and groundbreaking is expected to begin in 2016, as per hydrocarbonprocessing.com An agreement was also signed for the supply of crude oil, but details on the amount and price were not disclosed. Indonesia's fuel output has suffered from a lack of investment in its refining sector since the construction of its last refinery was completed in 1994.