Kuwait Petroleum Corp. will invest $8-9 billion in a new 300,000 barrels per day (bpd) oil refinery on Indonesia's Java island, Indonesian Industry Minister MS Hidayat was quoted as saying by Reuters. Hidayat said Kuwait Petroleum Corp. and Indonesia's state energy firm Pertamina will sign an MOU (Memorandum of Understanding) at the end of this month for a refinery in Balongan in western Java. "A joint venture will be formed within six months," he said. "The crude oil will be supplied from KPC at a discount price."
