Oman’s Overseas Oil and Gas LLC (OOG) is seeking new partners for developing a $15 billion new refinery in Bontang, East Kalimantan, according to OOG Chairman Khalfan Al Riyami, Reuters reported.
OOG owns 90% of the project and the Indonesian state energy company PT Pertamina holds the remaining 10%. Moreover, the company is in discussions with many investors; including Japan ’s Cosmo Oil International, a unit of Cosmo Energy Holdings.
OOG will decide on the project’s financing source within five months. The project, which consists of a refinery and petrochemical plants, is worth around $15 billion, while Pertamina initially estimated the project cost at $10 billion.
The company aims to increase the refinery’s production capacity of crude oil to 300,000 barrels per day (b/d).
The project is scheduled to start operation in around 2025-2026.