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Q8 signs MoU to develop oil refinery in Indonesia

KUWAIT, Sept 5 (KUNA) -- Kuwait Petroleum International (Q8) said on Wednesday that it has signed a memorandum of understanding with South Korea's SK Energy to develop an integrated project consisted of a Kuwaiti oil refinery and a petrochemicals complex in Indonesia.
In a press statement, Q8 noted that the two sides, in accordance to the agreement, would cooperate to develop the project with partnership of Indonesia's PERTAMINA, a government-owned cooperation that is specialized in oil and gas mining, extracting, and refining.
Also, it pointed out that Hussein Ismail, Q8 board chairman and managing director, signed the agreement for the Kuwaiti company, while Bong Kyun Park, SK Energy CEO, signed for the South Korean company.
In addition, the statement added that terms of the agreement aimed at cooperation to develop an oil refinery project in Indonesia that is designed to refine Kuwaiti crude oil in a percentage of 100 with an accommodation of 200-300 thousand barrels per day in an integrated system, as well as a petrochemicals complex.
It noted that the project would be located in the region of Balunjan on the Indonesian island of West Java.
Moreover, it mentioned that the signing ceremony took place on last August 29 at the headquarters of SK Energy in Seoul and was attended by Ghanim Al-Otaibi, director of business development at Q8, and number of senior officials at SK Energy. (end) asj.ysa.ma KUNA 051833 Sep 12NNNN