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Indonesian refinery projects prone to delays, cancellations: BMI Research

Indonesia’s ambitious oil refinery development plans are prone to delays and even cancellations due to the country’s notorious policy flip-flop, according to global think tank BMI Research, a unit of Fitch Group.

State-owned energy giant Pertamina is currently in the process of upgrading its four existing refineries and building two new ones in a bid to boost Indonesia’s refining capacity to 2.07 million barrels of oil per day (bopd) by 2025 from only 1.05 million bopd at present.

The total investment for these projects is expected to reach around US$45 billion.

However, BMI Research said funding issues, regulatory uncertainties and bureaucratic headwinds had limited the projects’ progress to date and might lead to delays or cancellations in the future.

“Indonesia's regulatory and bureaucratic landscape remains among the most complex in the region, and we believe will continue to stand in the way of meaningful project progress over the coming years,” BMI Research said in a report published in late February.

Pertamina has teamed up with Saudi Arabian oil giant Saudi Aramco to upgrade its Cilacap refinery, and with Russia’s Rosneft in developing the new Tuban refinery. Both are located in East Java.

However, Pertamina announced in June last year that the completion date of the Cilacap and Tuban projects, both of which were initially slated for 2021, had been extended to 2023 and 2024, respectively. This was because Pertamina needed to renegotiate its marketing agreements with Aramco and Rosneft.


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ASEAN  ANALYSIS

This year in Thailand-what next?


AseanAffairs   04 January 2011
By David Swartzentruber      

It is commonplace in journalism to write two types of articles at the transition point between the year that has passed and the New Year. As this writer qualifies as an “old hand” in observing Thailand with a track record dating back 14 years, it is time take a shot at what may unfold in Thailand in 2011.

The first issue that can’t be answered is the health of Thailand’s beloved King Bhumibol, who is now 83 years old. He is the world's longest reigning monarch, but elaborate birthday celebrations in December failed to mask concern over his health. More

 


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