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ADNOC, Pertamina Ink Development Pact

July 24, 2019

(Photo: ADNOC)

The Abu Dhabi National Oil Company (ADNOC) signed an agreement on Wednesday with Indonesia's state-owned energy company PT Pertamina for oil and gas collaboration in both countries and globally, ADNOC said in a statement.

The comprehensive strategic framework (CSF) agreement was signed on the sidelines of an official visit to Indonesia by Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed.

It covers projects in the United Arab Emirates' upstream oil and gas sector as well as refining and petrochemicals, LNG, LPG, aviation fuel and fuel retail opportunities in Indonesia.

The two parties will also explore collaboration across transport, trading and storage in the UAE.

ADNOC has also joined a tender by Pertamina for an upgrade to its Balikpapan refinery, Pertamina spokeswoman Fajriyah Usman told Reuters.

Pertamina is expected to select a partner for the refinery project in October.

Last year, it approached the State Oil Company of Azerbaijan (Socar) and Japan's JX Nippon Oil & Energy Corp for possible partnerships in the project, the first stage of which is estimated to cost $3.2 billion.

(Reporting by Dahlia Nehme, Wilda Asmarini and Gayatri Suroyo; Editing by David Goodman and Clarence Fernandez)

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