State-owned PT Pertamina is set to construct the Tuban Refinery with Rosneft. The targeted operation year is 2024, with the estimated cost of US$15 billion. The plot on which the Tuban Refinery will be built is the property of the Ministry of Environment and Forestry. The agreement is for Pertamine to use the land under a profit sharing scheme. Rosneft minded the arrangement and so an idea emerged to move the location to Situbondo, into a plot owned by PT Perkebunan Nusantara (PTPN). But this alternative has apparently been ditched.
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