JAKARTA. The Investment Coordinating Board (BKPM) stated that the progress of land acquisition for the Tuban oil refinery project undertaken by PT Pertamina Pengolahan dan Petrokimia (PRPP) has reached 92%, after being stalled since a few years ago.
Imam Soejoedi, BKPM's Promotion Director, said that his office had visited the Tuban refinery project area in February 2020 to help to negotiate with residents. With an investment Rp 211.9 trillion, the refinery is expected to be operational within the next 6 years.
"The target is for it to be operational in 2026," explained Soejoedi through an official statement received at idnfinancials.com.
On another occasion, Director of Megaproject, Processing and Petrochemicals of Pertamina, Ignatius Tallulembang, said the Tuban refinery project had become a priority. "The development of the refinery is expected to run smoothly and be completed according to the targeted time," explained Soejoedi.
For information, the Tuban refinery project was undertaken by PRPP, a joint venture between PT Pertamina (Persero) and Rosneft PJSC, one of the largest oil companies in Russia. Pertamina's stake in PRPP is 55%, while the remaining 45% is held by Rosneft. (KR/AR)