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Saudi state oil giant Aramco has asked to cut its stake in a planned $4-5bn refining and chemicals joint venture with its Indonesian counterpart Pertamina, according to Indonesia’s interim Energy Minister Luhut Pandjaitan.
Mr Pandjaitan this week told reporters that Aramco has asked to reduce its interest to 30% from 45% in a project to upgrade and expand the Cilacap refinery in Central Java. Pertamina will most likely absorb the 15% equity differential, he added, potentially taking its stake to 70%.
The project will increase crude distillation capacity from 348,000 b/d to 370,000 b/d and boost upgrading capacity. Although the project agreement is not finalized, Pertamina and Aramco have already awarded engineering and project management work to UK’s Amec Foster Wheeler.
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