PT Pertamina (Persero) accelerate the expansion of refinery development in line with the increase of domestic oil and gas demand. President Director of PT Pertamina (Persero) Elia Massa Manik stated that this year the company has budgeted capital expenditure with a 37 percent increase compared to last year.
"The increase is mostly used for capital expenditure upstream sector," he said in the House of Representatives building.
Total capital expenditure this year reached USD 5.59 billion. Last year, the company's Capex only reached USD 3.6 billion. The largest capital expenditure is used for upstream development of 59 percent. As for the processing of petrochemicals can reach 15 percent of the total budget.
This includes the development of several refinery projects. Among other things, the development of RDMP (Refinery Development Master Plan), GRR (gross root refinery), PLBC, increased flexibility of refinery crude, and the development of derivative products.
The company currently develops 4 RDMP and 2 GRR. The total funds spent by the company for the project development reached USD 55 billion. The project is expected to increase the company's total refinery capacity by 2 million barrels per day (bpd) by 2025.
In 2018, the company targets the total refinery capacity to reach 1 million barrels per day. The increase in refinery capacity is also targeted to improve the quality of the company's fuel production such as the Euro 4 development which will be implemented by the government in October 2018.
In 2021, the company targets refinery capacity to increase to 1.1 million barrels with the operation of RDMP Balikpapan phase I. In 2023, the total refinery capacity is expected to increase to 1.3 million barrels per day.
Rosneft Russia
Furthermore, in 2024, the company's refinery capacity will again increase to 1.7 million barrels per day with the operation of the GRR Tuban project. The project is planned to partner with Rosneft Russia. In the same year, Dumai RDMP also operated. Peak, by 2025, the company's refinery capacity will increase to 2 million barrels per day.
Jawa Pos, Page-6, Tuesday, Jan 30, 2018
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