BALI, Indonesia -- Indonesian state oil and gas giant Pertamina plans to invest up to $50 billion to build and expand refineries next year, nearly half of which will go to a greenfield project with Russian state energy company Rosneft that is moving forward amid international pressure on Moscow over the invasion of Ukraine.
Johan Nababan, director for business planning and development at Kilang Pertamina International (KPI), Pertamina's refinery subsidiary, said Monday that the "grassroots refinery" (GRR) project with Rosneft in Tuban regency in Indonesia's East Java province is expected to cost $24 billion.
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