Indonesian oil services company PY Kreasindo Resources is looking to team up with Iranian independent Nakhle Barani Pardi (NBP) to build a new crude oil refinery in Indonesia in a venture estimated to cost upwards of $3bn. This represents the latest push by the Southeast Asian nation to establish a joint-venture refinery after previous attempts have run into difficulties.

Indonesia has been working hard to increase its domestic refining capacity in an effort to decrease the country’s dependence on product imports from abroad. Jakarta has previously said it is hoping to eliminate the need for product imports by 2019. (CONTINUED - 728 WORDS)