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Pertamina secures US$1.5bn loan for its downstream projects (Indonesia)

South Korea's state-owned Export-Import Bank of Korea has agreed to lend US$1.5bn to the Indonesian oil and gas company Pertamina to support its downstream projects, including the plans known as the Refinery Development Masterplan Project Program (RDMP) and the New Grass Root Refinery (NGRR).

The RDMP refinery revitalization program aims at doubling Indonesian crude processing capacity from the current 1.1 mb/d to 2 mb/d by 2026, by upgrading the ageing the 260,000 bbl/d Balikpapan to 360,000 bbl/d by 2023 and upgrading the 348,000 bbl/d Cilacap, 127,000 bbl/d Dumai, and 125,000 bbl/d Balongan refineries. The programme also aims at increasing the volume and the quality of their fuel production to conform with Euro 4 and Euro 5 standards and at developing two new greenfield projects.

Greenfield projects include the construction of two 300,000 bbl/d refineries in Bontang and Tuban by 2024-2025. The US$10bn Bontang refinery project could be developed in partnership with Oman's Overseas Oil & Gas.

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