By John Lee.
Iraq is to invest in the construction of a refinery in East Borneo, Indonesia.
Indonesian Energy and Mines Minister, Jero Wacik (pictured), said that if construction started this year, the new refinery would start production by 2018.
Platts reports that the head of the Iraqi delegation, Delman N Abdullah, said that Iraq agreed in principle with the Indonesian government's plans to build new refinery; "Some reasons are Indonesia has a huge [products] market and it is in line with the Iraqi government's policy of cooperation in Southeast Asia," he said.
Iraq has agreed in principle to supply 300,000 bpd of Basra light crude oil for 20 years to the new oil processing facility.
(Sources: Platts, Xinhua)