ID :
48643
Tue, 03/03/2009 - 10:57
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Shortlink :
https://www.oananews.org//node/48643
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PERTAMINA SIGNS MOU WITH STAR PETRO ENERGY, ITOCHU
Jakarta, March 2 (ANTARA) - State-owned oil company Pertamina here Monday signed a memorandums of understanding with Star Petro Energy (ETA Group) and Itochu to improve its refinery in Balikpapan.
"Cooperating with world-class companies is important in our efforts to improve ourselves as soon as possible in order to increase the performance of our refineries," the company's president director, Karen Agustiawan, said.
She said she was glad her company was given an opportunity to explore a partnership with Star Petro Energy and Itochu and hoped negotiations could be concluded soon so that the project could be started on time.
State Enterprise Minister Sofyan Djalil meanwhile said on the occasion that the cooperation was worth up to US$1.7 billion. "It is still a tentative figure. We still have to explore the actual price," he said.
The minister said the cooperation was expected to result in the improved performance of the refinery in Balikpapan especially in the processing of its residual materials.
So far 30 percent of the total volume of oil processed by the refinery became residue which was sold very cheap. The minister hoped the residue could be reprocessed to become oil so that 100 percent of the oil processed would be useable.
"Cooperating with world-class companies is important in our efforts to improve ourselves as soon as possible in order to increase the performance of our refineries," the company's president director, Karen Agustiawan, said.
She said she was glad her company was given an opportunity to explore a partnership with Star Petro Energy and Itochu and hoped negotiations could be concluded soon so that the project could be started on time.
State Enterprise Minister Sofyan Djalil meanwhile said on the occasion that the cooperation was worth up to US$1.7 billion. "It is still a tentative figure. We still have to explore the actual price," he said.
The minister said the cooperation was expected to result in the improved performance of the refinery in Balikpapan especially in the processing of its residual materials.
So far 30 percent of the total volume of oil processed by the refinery became residue which was sold very cheap. The minister hoped the residue could be reprocessed to become oil so that 100 percent of the oil processed would be useable.
