Pertamina CEO Dwi Soetjipto confirmed that Pertamina will sign an agreement. After the signing of the HoA, the cooperation will begin first with engineering stage.
"So 26 November, yes directly but it will be engineering first," said Dwi during 2015 Pertamina Energy Forum in Jakarta, Tuesday (11/24/2015).
Dwi explained the business cooperation is a joint venture with Pertamina as majority shareholders while Aramco will own 40 to 45 percent shares.
"Business model with Saudi Aramco will be joint venture. So we will establish joint venture. Old assets will be part of Pertamina's capital injection. For Cilacap Saudi Aramco will own 40 to 45 percent," he explained.
Dwi added this cooperation could expand the oil refinery capacity from 260 thousand barrel oil per day (boepd) to 360 thousand boepd "So there is 100 thousand boepd increase by rising complexity index from three to nine. It means valuable product increased from 73 percent to 98 percent. This is Pertamina with Saudi Aramco," he said.