Pertamina Invites SOCAR for Partnership in Refinery Upgrade

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Indonesia’s state-owned energy company. Pertamina. has approached Azerbaijan’s state oil company SOCAR and Japan’s JX Nippon for possible partnership to upgrade the country’s Balikpapan oil refinery. said Pertamina Megaproject Director Heru Setiawan.

“We’d have a majority (holding) of 51 percent at least.“ he added referring to the refinery upgrade project in East Kalimantan province. Reuters reported.

Earlier. Eko Rukmono. Vice-President of Exploration and Evaluation of Upstream Directorate at Pertamina told Trend that the company has invited SOCAR to take part in explorations in the Asian country.

According to Rukmono. the two companies could successfully cooperate in the exploration of oil and gas in Indonesia.

`Indonesia enjoys huge hydrocarbons reserve. The country`s estimated oil reserve is over 60 billion barrels. while gas reserves are estimated at the level of 30 trillion cubic meters of gas. Indonesia has 48 oil and gas basins. where geological exploration is needed. SOCAR maybe useful for Pertamina. and we invite the Azerbaijani company to take part in the exploration in Indonesia.` Rukmono said.