Indonesia's PT Pertamina will develop its Cilacap refinery in Central Java "independently", the state energy company said on Friday, dropping a plan to boost capacity through a joint venture with Saudi Aramco.
The two companies have been in talks to upgrade the Cilacap refinery since 2016 and last year said that they would finalize a joint venture plan in the first quarter of 2020.
"Pertamina will continue to independently develop the Cilacap Refinery Development Master Plan, while we look for another strategic partner," Pertamina spokesman, Fajriyah Usman, said in a statement.
Usman confirmed that the planned joint venture with the Saudi oil giant had now been axed.
Saudi Arabian Oil Co. did not immediately respond to a request for comment.
The Cilacap Refinery Development Master Plan aims to increase Cilacap's refining capacity to 400,000 barrels per day from 348,000 bpd.
Pertamina had said last year that it will start the development of the Cilacap project with or without a partner to meet an operational target of 2025.
(Reporting by Wilda Asmarini; writing by Fathin Ungku Editing by Ed Davies)
AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week