JAKARTA (Yosefardi) – Arab-based Saudi Aramco mulls to divest 15% interest in Cilacap oil refinery due to funding problem. In the meantime, the Government of Indonesia is seeking commitment from Saudi Aramco for expanding the refinery capacity.
Currently Saudi Aramco holds 45% interest in the project, while state oil and gas firm PT Pertamina controls 55%.
The construction of oil refinery in Cilacap is expected to finish in 2021, accelerated from initial target of 2022. This project costs US$5.5 billion.
The Government also wants to boost capacity of oil refinery in Balongan ( to 350,000 barrels per day from current 100,000 barrels) and Dumai refinery (to 300,000 barrels from 140,000 barrels)