Rosneft and Pertamina Sign Joint Venture Agreement for Oil Refinery Complex

Indonesia: Rosneft, a Moscow’s based integrated oil company, has signed a joint venture agreement with Pertamina to develop an oil refining and petrochemical complex at Tuban, Eastern Java. The new joint venture company at Tuban complex is designed with an initial capacity of around 15 million metric tons per year and will operate on heavy and medium grade of sour crude. As per the terms of the agreement, Rosneft would have 45% of the equity stakes and 55% shares would be held by the Pertamina. The project is expected to house VLCC supermarkets with deadweight of approx. 300 thousand tons.  

TechSci Research depicts that with the joint agreement of the two leading companies will develop a modern oil and petrochemical complex in Indonesia. Moreover, Rosneft strategizes to accomplish a strong growth in oil refined and petrochemical products in the Asia Pacific region. 

According to the recently published report by TechSci Research, “Global Pet Coke Market By Type, By End Use, By Region Competition Forecast & Opportunities, 2011-2025”, pet coke market across the world is forecast to surpass USD25.35 billion by 2025, on account of rising government investments in construction and power generation sectors, coupled with growing demand for more cost effective and cleaner source of energy. In 2015, fuel grade pet coke garnered highest market share in global pet coke market, and this trend is anticipated to continue in the coming years, owing to its competitive pricing and high availability, as compared to calcined grade pet coke. Moreover, Asia-Pacific dominated global pet coke market in 2015, and is the region’s dominance is expected to continue during the forecast period, on account of strong economic growth, expanding infrastructure and large requirements for power generation in the region.