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ISSUES....
 Inside, confidential, off the record

 

PDVSA's refinery in Java

Venezuela's PDVSA, Iran's NIORDC and Japan's Sumitomo Corp. are to set up a joint venture in Indonesia to get into a multi-billion-dollar oil Indonesia's Pertamina 300,000-barrel-a-day refinery project. The idea is for Sumitomo to get in the deal with 20%, PDVSA with 25%, NIORDC with 30% and the rest will stay with Pertamina. The project calls for PDVSA and NIORDC each is to supply 150,000 b/d of crude to the refinery. A total investment of $4 billion-$5 billion is needed for the project, which will be built in either Tuban in East Java or Banten in West Java.
The project is to be on-line in 2010 and around 70% of the refinery's products will be exported to China and other markets in the region.

Petroleumworld 08 16 06

ISSUES....

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