Jakarta, Sept 26 (Antara) - State-owned oil company Pertamina is evaluating the aspects of a proposed collaboration with Saudi oil company Aramco, which has committed to invest US$10 million in Indonesia.
Pertamina Corporate Secretary, Wisnuntoro said in Surabaya, East Java, on Saturday that his company is studying several aspects of the deal that has been proposed by Aramco, adding that Pertamina hopes to find a solution that could benefit both sides.
"We are studying several points proposed under the cooperation. Aramco wants certain provisions to be included in the deal, such as a tax holiday for a period of 20 years. They are also interested in doing business in the downstream sector," said Wisnuntoro, after a discussion on maritime and energy business.
Earlier, the Director General of Natural Oil and Gas at the Ministry of Energy and Mineral Resources (ESDM), I Gusti Nyoman Wiratmaja Puja, had said that Aramco is also keen on investing in the downstream sector.
"Aramco is not only interested in oil refinery and storage, but also in the downstream sector," Gusti said on September 14.
He added that the investment of Aramco in the oil sector in Indonesia would benefit the national oil business. "It will increase investment in Indonesia and provide more employment," Gusti said.
The Director General cited the example of the downstream sector, namely the construction and operation of fuel refilling stations for gasoline.
According to Pertamina's Wisnuntoro, the deal with the Saudi company is now entering the negotiation phase and it is expected that the two sides will find some common ground so that the negotiations can be continued further, leading up to the signing of an agreement.
He said Pertamina did not want to suffer any losses in its cooperation with any parties, let alone be cheated through a disadvantageous agreement system.
"We do not want to repeat the experience Pertamina had in a similar deal with Shell," he said.
Last week, Energy and Mineral Resources Minister, Sudirman Said had revealed Saudi oil company Aramco's plan to invest in three oil refineries in Indonesia.
The minister explained that Aramco would invest in modernizing three oil refineries in Dumai (Riau province), Balongan (West Java) and Cilacap (East Java).
The Saudi company is also planning to build a new oil refinery in Tuban, East Java. "Investment will be made by Aramco in refineries alone and will amount to US$10 billion. Its total investment is US$24 billion. This will include the renovation of refineries in Dumai, Balongan and Cilacap," the minister said.
He said the three refineries that will be modernized will be able to produce 400 thousand barrels of oil per day (bpd). The new refinery in Tuban will have a production capacity of 300 thousand bpd.
If the four refineries produce optimally, they could produce up to 700 thousand bpd. However, with the production of three renovated and one new refinery, the country will not be oversupplying.
In the future, oil demand could touch 2.5 million barrels per day within a decade.
"Will there be oversupply? There will not be. During the upcoming decade, the country will need 2.5 million bpd," he noted.
Growing oil production will also boost oil stocks for domestic supply and help achieve the country's goal of attaining fuel energy resilience.
After all, the government can also reduce its import burden as production of oil at home is increasing. "If the refineries are built, imports will drop," Sudirman said.
The minister had recently accompanied President Joko Widodo on an official visit to the Middle East, including to Saudi Arabia.
The visit was aimed at exploring investment opportunities for Aramco in Indonesia.
"We met the king, the finance minister, and defense minister of Saudi Arabia. However, the Saudi oil minister was not there. One of the topics we discussed was how to let Saudi Aramco invest in Indonesia," Sudirman stated on the sidelines of a working meeting with Commission VII on Energy Affairs of the House of Representatives (DPR) at the Parliament building last week.
Commenting on the meetings held in the Middle East, the minister revealed that four issues were discussed, including a request from Saudi Aramco to invest in Indonesia.
He pointed out that Saudi Aramco had also sought a government guarantee on its investment.
"They asked for a government guarantee. We have no problem with that and will provide a guarantee. Their investment will be supported by the government," he remarked.
Saudi Aramco is also keen to invest in the downstream sector in areas, such as starting the business of fuel refilling stations and oil storage facilities.
"They sought permission to start a business in the downstream sector. That might happen independently or in collaboration with partners," he explained.
Besides this, Saudi Aramco also requested to be granted a tax-free facility for a certain period, or a tax holiday. The tax holiday will be offered for a minimum period of 20 years.
Sudirman said his ministry will facilitate a meeting between Saudi Aramco and state-owned oil and gas company Pertamina to explore future business cooperation, adding that the Saudi company has also sought a permit to invest in the petrochemical industry business. ***3***(T.A014/INE)EDITED BY INE(H-YH)(T.A014/A/BESSR/A/Yosep) 26-09-2015 19:00: |
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