Wed, 06 Sep 2006
Sumitomo to invest in Indonesian refinery after Sinopec pulls out


Jakarta (ANTARA News) - PT Elnusa Holding said Japan's Sumitomo Corp has agreed to take a 20 pct share in the estimated 3 bln usd cost of an oil refinery project in Indonesia following the withdrawal of China Petroleum & Chemical Corp (Sinopec), company president Rudy Radjab said.

Radjab told reporters that Sinopec withdrew from the project after it failed to secure a 51 pct stake.

Other investors in the refinery are Elnusa Holding with a 30 pct stake, and the National Iranian Oil Refining and Distribution Company and Petroleos de Venezuela SA with 25 pct interest each, he was quoted by XFN-Asia as saying.

The refinery, which will have capacity of 300,000 barrels of oil per day, will be built either in Tuban, East Java or Cilegon in Banten province, West Java.

Radjab said about 70 pct of the refinery's output will be exported while the rest will be sold domestically. (*)



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