Tuban Refinery Investment Confirmed To Increase To 23 Billion US Dollars

President Director of PT Kilang Pertamina Internasional (KPI), Taufik Adityawarman. (Maria Trisnawati/VOI)

TANGERANG - PT Kilang Pertamina Internasional ensures that the investment value for the Tuban Grass Root Refinery (GRR) project or Tuban Refinery will certainly increase. KPI President Director, Taufik Adityawarman said the project which is running in place is one of the factors causing the investment value of this giant project to swell.

"The projection (investment) will be more. It will definitely be affected (due to project delays," he told the media crew on the sidelines of the IPA Convex 2025 agenda quoted Wednesday, May 21.

Taufik said, as a result, the project, which was originally estimated to cost 13.5 billion, would swell to 23 billion US dollars.

However, Taufik ensured that the construction of this project would still cooperate with the Russian oil and gas company, Rosneft. In fact, this project continues to be delayed because Russia is still undergoing sanctions from western countries due to attacks on Ukraine.

"Tuban masih sama Rosneft," imbuh dia.

The final investment decision (FID) and procurement of engineering, procurement & construction (EPC) are expected to be completed in the fourth quarter of 2025.

"FID Rosneft, if I'm not mistaken, in the fourth quarter, the plan is to complete the process," he said.

For information, the Tuban Refinery project is a project owned by PT Pertamina (Persero) which holds 55 percent of shares and Rosneft holds 45 percent of shares.