Indonesian energy producer PT Pertamina and a consortium of companies of the Republic of Korea have signed a memorandum of understanding (MoU) to explore business cooperation opportunities in Indonesia’s oil and gas industry, specifically in the Refinery Development Master Plan (RDMP) of Dumai in Riau. The $1.5 billion project is expected to increase domestic oil and fuel production capacity, reduce the reliance on oil imports and address the current account deficit in the future. The deal is in accordance with the Indonesian government’s efforts to support the acceleration of the implementation of mega projects under National Strategic Projects.
