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Date: 2004 - Ongoing

Deal: An industry publication reported in 2004 that Pertamina and the National Iranian Oil Company (NIOC) were "gearing up to build a new refinery" in Indonesia (WWP-Report on Engineering Construct & Plant Operations in the Developing World, February 1, 2004). However, the preliminary agreement between the two companies was not signed until March 2005, when the National Iranian Oil Company (NIOC) took a 30 percent stake in the project, according to Bloomberg (Bloomberg, March 18, 2005).

The agreement dictated that Iran would invest in the $5.6 billion refinery and supply 300,000 bpd of heavy crude oil, according to an industry publication. However, in October 2005, Iran opted to reduce the amount of crude it would supply the plant by two-thirds, to 100,000 bpd (Oil & Gas Journal, October 5, 2005).

In 2006, Pertamina subsidiary Elnusa and Iran's National Oil Refining and Distribution Company signed another agreement for the project. The refinery was expected to come online in 2010, according to AFP (AFP, May 10, 2006)

In March 2009, Pertamina announced that the project's completion would be delayed from 2010 to 2016, according to Reuters (Reuters, March 10, 2009).

Date: June 2010 – Ongoing

Deal: According to an Indonesian news source, the Indonesian government asked Pertamina to build a fertilizer plant in Iran, replacing PT Pusri on the project (Antara News, June 16, 2010). Pertamina has yet to announce whether it will take part in the project.

U.S. Business Ties: Pertamina does not appear to have any business interests in the United States, but in 2005, it received two relatively small contracts from the U.S. Department of State, according to (, accessed July 1, 2010).

Last Updated: July 17, 2014