Pertamina and Aramco Agreement Build Cilacap Refinery

Reporter: Asean- Power.com

Editor: Ferry Muharram

Asean-power.com, Jakarta – Pertamina and Saudi Aramco agreed to continue their cooperation in preparing the development of the Cilacap Refinery. This agreement was reached on the sidelines of the G20 meeting in Japan which was attended by the Minister of Energy, Industry and Mineral Resources of Saudi Arabia (who is also Saudi Aramco Chairman), ESDM Minister Ignasius Jonan, BUMN Minister Rini Soemarno and Pertamina Managing Director Nicke Widyawati.

Pertamina VP of Corporate Communication Fajriyah Usman explained, the two parties agreed to jointly involve reputable financial advisors in order to finalize the valuation and cooperation scheme. This is important to ensure the cooperation in the development of the Cilacap Refinery will be beneficial for both parties.

“We welcome this agreement, hopefully it will become a win-win solution that can be accepted by both parties and accelerate the start of the development of the Cilacap Refinery,” he said.
Fajriyah added, the Joint Venture Development Agreement between Pertamina and Saudi Aramco is currently underway and is due to end at the end of June 2019. However, this agreement will be extended until the end of September 2019.



“Thus, the valuation and cooperation scheme between Pertamina and Aramco for the Cilacap refinery must be completed in the next 3 months,” he added.

To support this, the Government will form a joint Team from the Ministry of BUMN, the Ministry of Energy and Mineral Resources, the Ministry of Finance, and Pertamina. In carrying out its duties, the team will be accompanied by BPKP and Jamdatun to ensure that all processes are carried out in accordance with the aspects of GCG and applicable laws and regulations.

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