20 February 2012 02:03 [Source: ICIS news]
SINGAPORE (ICIS)--Saudi Aramco Asia (SAA) and Indonesian state energy firm Pertamina have signed an agreement to jointly evaluate the feasibility of building a new integrated refining and petrochemical project at Tuban in ?xml:namespace>
The proposed project is expected to process 300,000 bbl/day of crude oil, most of which will be supplied by Saudi Aramco through a long-term contract, Saudi Aramco said in a statement on its website on 18 February.
It will also produce high-quality refined petroleum and petrochemicals products to meet rising demand in
“This memorandum of understanding (MoU) is…part of Saudi Aramco’s strategy to enhance its global downstream presence," said Dawood Dawood, Saudi Aramco’s vice president of marketing, supply and joint venture coordination.
A project team will now work on a joint study that will include market research, configuration studies and economic analysis, Saudi Aramco added.
Financial details of the project were not stated.
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