Rosneft and Pertamina signed a framework agreement on cooperation.
The Parties have agreed to perform a bankable feasibility study to finance the project of construction of the new refining and petrochemical complex Tuban in the eastern part of Jawa, Indonesia and establish a joint venture for the project implementation.
Earlier Rosneft led the competition for a share in the Tuban complex, launched by Pertamina. The final investment decision will be taken upon the results of the feasibility study, basic engineering design (BED) and front-end engineering design (FEED).
Also, the signed agreement envisages a study into the prospects for joint projects in the area of crude and oil products supplies, logistics and infrastructure, the potential for Pertamina to enter in Rosneft's Upstream projects in Russia as an equity holder, and partnership in international joint projects for oil refining.
Indonesia is one of the most promising and rapidly growing economies of the region. The country is a net importer of motor fuels and petrochemicals. Implementation of the conditions of the signed agreement will enable Rosneft to expand its footprint on the Indonesian energy market and strengthen the status of the Russian Company as a reliable partner in oil and gas production and refining projects in the Asia-Pacific Region, as well as form a basis for development of upstream and downstream new joint projects in Russia and third countries.
Following the signing of the document, Rosneft Chairman of the Management Board Igor Sechin noted: «We welcome the signing of the agreement. The geographical location of Indonesia, at a crossroad between two oceans, the Pacific and Indian, opens for the country the way for turning into a global transportation and energy hub which could become a critical point for global economic growth. It is obvious that accomplishment of such a global task cannot be achieved without ensuring stable development of the national economy and its uninterrupted supply with energy and fuel resources. In this regard the establishment of partnership relations with Pertamina is the logical development of expanding Rosneft activities in the Asia-Pacific Region".
