Aramco to Reduce Stake in Indonesian Refinery Upgrade

Aramco to Reduce Stake in Indonesian Refinery Upgrade

Saudi Arabia’s oil and gas giant, Aramco, has asked to cut its shares in a proposed $5.5b refinery project in Indonesia to 30% from 45%, Reuters reported.

With Indonesian state energy company Pertamina likely to absorb the 15% stake, the company’s spokeswoman, Wianda Pusponegoro, stated that Pertamina did not receive an official notification from Aramco to reduce its proposed stake in the project to upgrade a Cilacap refinery in the province of Central Java, according to Gulf Times.

Indonesia hopes to formalize a joint venture and other details of the partnership between Aramco and Pertamina during a visit from Saudi King Salman bin Abdulaziz to the archipelago in October.

The Cilacap upgrade is expected to increase the refinery’s crude processing capacity to 370,000b/d from 348,000b/d at present, and is targeted for completion by the end of 2022.


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