Iran and Indonesia have agreed to build a 300,000 barrels per day oil refinery in the Indonesian province of Banten.
Indonesian President Susilo Bambang Yudhoyono announced the collaboration in Iran on Tuesday, saying that the new facilities could boost domestic fuel oil supplies.
According to President Yudhoyono, the project involves PT Pertamina (Persero) (40% stake), the Oil Refining Industries Developing Company (ORIDC) of Iran (40% stake) and Petrofield Refining Company Ltd from Malaysia (20% stake).
President Yudhoyono expressed the hope that having domestic refining will lower domestic oil prices and called for Iran and Indonesia to focus bilateral cooperation on the energy sector, especially petroleum and gas.
He added that Pertamina is slated to take part in a bid for oil exploration in Iran.
Indonesian President Susilo Bambang Yudhoyono announced the collaboration in Iran on Tuesday, saying that the new facilities could boost domestic fuel oil supplies.
According to President Yudhoyono, the project involves PT Pertamina (Persero) (40% stake), the Oil Refining Industries Developing Company (ORIDC) of Iran (40% stake) and Petrofield Refining Company Ltd from Malaysia (20% stake).
President Yudhoyono expressed the hope that having domestic refining will lower domestic oil prices and called for Iran and Indonesia to focus bilateral cooperation on the energy sector, especially petroleum and gas.
He added that Pertamina is slated to take part in a bid for oil exploration in Iran.