Iran plans to build and operate a USD 1 billion oil refinery in Indonesia’s East Java province, Iran’s ambassador to Indonesia has said. Shaban Shahidi Moaddab said the planned project would be carried out jointly by the state-owned National Iranian Oil Co. and Indonesia’s state-owned oil and gas company PT Pertamina. Iran is gathering the capital and technology for the project. Mr Moaddab said the refinery, which is expected to process up to 150,000 barrels of crude oil a day, would help supply Indonesia’s high demand for oil-based fuel. He said the refinery was likely to be built near Pertamina’s petrochemical industry PT Trans Pacific Petrochemical Indotama (TPPI) in Tuban, East Java. The main reason for selecting the area was because there was no oil refinery yet in East Java. Turban was also an industrial area.
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