Riyadh – Mubasher: Saudi Aramco may reduce its stake in $5.5 billion Cilacap refinery project in Indonesia, Indonesian energy minister Luhut Pandjaitan said.
The Saudi company requested to reduce its stake in the project to upgrade a refinery in Cilacap in the province of Central Java to 30% from 45%.
"Aramco's progress has been rather slow. We want to chase this, not just talk. We want something concrete now," the minister told Reuters on Wednesday.
In May, Aramco signed a preliminary contract with the Indonesian Pertamina to upgrade Indonesia largest refinery at a value of $5 billion.
The Cilacap upgrade is expected to increase the refinery's crude processing capacity to 370,000 barrels per day (bpd) from 348,000 bpd at present, and is targeted for completion by the end of 2022, Reuters said.
