Indonesia teams up with Azerbaijan
The State Oil Company of the Azerbaijani Republic (SOCAR) has entered a partnership with Indonesia’s industry conglomerate OSO Group to build a refinery in a free trade zone on Batam island.
The partnership should be formalised in November, a top OSO official said in a statement on October 17. The investment would have a value of $4.8 billion.
“We are going to refine oil from Azerbaijan. The purpose is to trade or sell the processed oil to Indonesia or any other Asia-Pacific country,” OSO Group CEO Mariano Asril was quoted as saying by Reuters.
The refinery is designed to process 600,000 barrels of oil per day.
According to Asril, both sides will invest in construction of the oil refinery. However, the largest part of the funding will come from the Azerbaijani side. OSO Group will provide them with all the facilities, the permit and the land.
Batam island is located close to Singapore, where SOCAR has recently set up its Southeast Asia oil trading office. The project is the first for SOCAR to be facilitated in Indonesia.
OSO Group is a non-listed holding company whose diversified portfolio includes mining, palm oil, hotels, airline ground services and fisheries.
[caption id="attachment_4917" align="alignleft" width="240"] Azerbaijan's state-run oil company SOCAR will invest into a refinery on Batam island, Indonesia[/caption] The State Oil Company of the Azerbaijani Republic (SOCAR) has entered a partnership with Indonesia's industry conglomerate OSO Group to build a refinery in a free trade zone on Batam island. The partnership should be formalised in November, a top OSO official said in a statement on October 17. The investment would have a value of $4.8 billion. "We are going to refine oil from Azerbaijan. The purpose is to trade or sell the processed oil to Indonesia or any other Asia-Pacific...
The State Oil Company of the Azerbaijani Republic (SOCAR) has entered a partnership with Indonesia’s industry conglomerate OSO Group to build a refinery in a free trade zone on Batam island.
The partnership should be formalised in November, a top OSO official said in a statement on October 17. The investment would have a value of $4.8 billion.
“We are going to refine oil from Azerbaijan. The purpose is to trade or sell the processed oil to Indonesia or any other Asia-Pacific country,” OSO Group CEO Mariano Asril was quoted as saying by Reuters.
The refinery is designed to process 600,000 barrels of oil per day.
According to Asril, both sides will invest in construction of the oil refinery. However, the largest part of the funding will come from the Azerbaijani side. OSO Group will provide them with all the facilities, the permit and the land.
Batam island is located close to Singapore, where SOCAR has recently set up its Southeast Asia oil trading office. The project is the first for SOCAR to be facilitated in Indonesia.
OSO Group is a non-listed holding company whose diversified portfolio includes mining, palm oil, hotels, airline ground services and fisheries.
