STX Pan Ocean May Join Pertamina Refinery Consortium –Antara

Ltd. (GZ9.SG) may join a consortium of international investors to develop an oil refinery with Indonesian state oil company PT Pertamina (PTM.YY), state news service Antara reported Monday, citing a senior Pertamina official. Pertamina has extended the deadline for investors to join the Banten Bay refinery project by around two months, to the start of August, in order to allow negotiations with STX Pan Ocean, Rukmi Hadihartini, Pertamina’s refining director, was quoted as saying. The report said under the current arrangement, Pertamina and state-owned National Iranian Oil Refining and Distribution Company, or NIORDC, were to each hold a 40% stake in the refinery, with Petrofield Refining Company of Malaysia owning the remaining 20%. The planned refinery, in Banten province on the main Indonesian island of Java, will in its first stage of production refine 150,000 barrels a day, of a mixture of 50% Iranian Extra Heavy Crude and 50% Iranian Heavy Crude, supplied by NIORDC, Antara said. The refinery is slated to begin first stage production next year, it said. It will produce 42,194 barrels a day of premium gasoline; 30,223 b/d of kerosene, and 57,763 b/d of diesel. (June 22, 2009)