Jakarta (ANTARA News/Asia Pulse) - Indonesia's state oil and gas company PT Pertamina has terminated cooperation with Japan's Mitsui & Co Ltd (TSE:8031) over a disagreement on the US$1.5 billion residue fluid catalytic cracking (FRCC) project to be built in Cilacap, central Java.

A senior vice president of Pertamina Heru Sutrisno said Pertamina decided to handle the project alone, including its financing. The RFCC project will produce propylene, liquefied petroleum gas (LPG), premium gasoline and residue that can be processed further.

With the agreement to disagree, PT Pertamit Processing, a joint venture established to run the project, will be liquidated.


Source:
Business in Asia Today - March.19, 2010
published by Asia Pulse

Editor: Ricka

COPYRIGHT © 2010

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