Saudi Aramco Asia Company Limited (SAAC), a subsidiary of Saudi Aramco, and PT Pertamina (Persero) have signed a Memorandum of Understanding (MoU) to jointly evaluate the economic feasibility to build an integrated refining and petrochemical project in Tuban in East Java, in the Republic of Indonesia. "This MOU is a significant first step in extending our already strong relationship with Pertamina, and is also part of Saudi Aramco's strategy to enhance its global downstream presence," said Dawood M. Dawood Vice President, Marketing, Supply & Joint Venture Coordination, Saudi Aramco. “Saudi Aramco is committed to making win-win investments with partners for projects that yield mutual benefits and contribute to economic growth and development," he said in a press release issued here yesterday. The proposed refinery and petrochemicals project will be designed to process 300,000 barrels per day of crude oil, much of which will be supplied by Saudi Aramco pursuant to a long-term contract, and will produce high-quality refined petroleum and petrochemicals products to meet rising demand in Indonesia and elsewhere in southeast Asia. --MORE
