Pertamina to complete Cilacap oil refinery upgrade in 2021

A view of state-owned oil giant Pertamina's refinery unit IV in Cilacap, Central Java, Indonesia January 13, 2016. REUTERS/Darren Whiteside/File Photo

Indonesian state energy firm Pertamina aims to finish upgrading an oil refinery in Central Java in 2021, one year earlier than its previous target, its chief executive said on Thursday.

Pertamina has a joint venture with Saudi Aramco to upgrade the Cilacap oil refinery, on the south coast of Central Java, at a cost of around $5 billion.

“Initially the target was to complete it in 2022. But based on our latest meeting, the Aramco CEO challenged our team to complete it in 2021,” Pertamina CEO Dwi Soetjipto told reporters.

[Source:- Reuters]