Aramco is taking 45% of Indonesia’s s Cilacap refinery as part of a $4-5bn expansion. With Saudi crude market share elsewhere under pressure (see p11), Aramco sees fellow Opec member Indonesia as a key potential outlet.

State giant Saudi Aramco and Indonesian counterpart Pertamina are close to finalizing a joint venture to oversee the $4-5bn expansion of the Cilicap refinery in central Java, which will see crude distillation capacity rise from 348,000 b/d to 370,000 b/d.

The partners...