Aramco To Upgrade Indonesia Refinery

Saudi Aramco and Indonesian state firm Pertamina have concluded a heads of agreement (HOA) for joint ownership, operation and upgrading of the Cilacap refinery in Central Java, Indonesia. The equity split has yet to be agreed. The deal includes the long-term supply of Saudi crudes to the refinery. The agreement was signed by Aramco CEO Amin Nasser and his Pertamina counterpart Dwi Soetjipto.

The companies say the upgrade will enable the refinery to...