LOC18:33
15:33 GMT
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)
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KUNA 051833 Sep 12NNNN