Kuwait Petroleum to invest US$9 billion in Indonesia

Indonesian Industry Minister MS Hidayat said that Kuwait Petroleum Corp. (KPC) will invest between US$8 billion and US$9 billion in a new 300,000 barrel per day (bpd) oil refinery on Indonesia’s Java island, Reuters reported. No new refinery has been built in Indonesia since 1995. Hidayat said KPC and Indonesia’s state-owned oil and gas firm Pertamina will sign a memorandum of understanding at the end of this month to build a refinery in Balongan in western Java. (July 16, 2010)