Mayhill to start building $2b refinery in Sumbawa<\/p>\n
SINGAPORE (Dow Jones): Mayhill International Trading &
\nServices Ltd., a UK-based company, will begin the construction of
\nUS$2 billion oil refinery and storage facilities early next year
\nat Indonesia's Sumbawa Island, a senior company official said
\nTuesday.<\/p>\n
Mayhill Vice Chairman Topek Martopu Sumarinda said the
\n150,000-barrel-a-day refinery is scheduled to be completed in
\n2005. Site preparations necessary before actual construction is
\nto begin in June this year, Sumarinda added.<\/p>\n
The company will also construct storage tanks at Sumbawa with
\na total capacity of 6 million barrels. The refinery and storage
\nfacilities will be operated by the London-based firm's unit
\nMayhill International Trading & Services Indonesia, or MITS Indo,
\nhe said.<\/p>\n
The Sumbawa refinery is 100 percent owned by Mayhill, he
\nadded.<\/p>\n
Sumarinda said Mayhill received a \"sovereign guarantee\" from
\nthe Indonesian government in late February regarding its plans to
\nconstruct and operate the refinery.<\/p>\n
\"This means the project isn't subject to nationalization or to
\nany political changes or issues that arise,\" he said.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/mayhill-to-start-building-2b-refinery-in-sumbawa-1447893297",
"image": ""
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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