JAKARTA - Investment Minister/Head of BKPM Bahlil Lahadalia provided the latest news on Russian investment, Rosneft, on the Tuban Grass Root Refinery (GRR) refinery project in collaboration with PT Pertamina (Persero).
Bahlil said that so far this Russian company is still Pertamina's partner and denies the issue of Rosneft leaving the Tuban GRR.
According to him, currently the two companies are still negotiating again to accelerate the completion of this project.
"(Rosneft) did not leave. There were renegotiations," said Bahlil, quoted on Tuesday, July 30.
Bahlil said that the renegotiation process occurred because Russia's political conditions were still unstable.
When asked about the replacement partner, Bahlil did not deny that the government had a replacement alternative but had not been confirmed because the renegotiation process with Rosneft was still ongoing.
"(Sinopec) Those are some alternatives, but until now it is still Rosneft," said Bahlil.
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Previously, Rosneft faced international sanctions due to the geopolitical war between Russia and Ukraine, making it difficult to provide funding for the national strategic project.
This Tuban Refinery project is a project owned by PT Pertamina (Persero) which holds 55 percent of shares and Rosneft holds 45 percent of shares.
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