The total assets of the Company as of December 31, 2019 were recorded at US$110.79 million, grew by 3,620.28% compared to that of 2018 at US$2.71 million. The increase came from the
addition of the amount of Cash and Cash Equivalents, both in US Dollars and Euros in 2019 as well as assets under development which are capitalization of development costs that can be directly attributed to the Tuban Grass Root Integrated Refinery and Petrochemicals project.
Going forward, the Company will also have a petrochemical production facility with 1,200 ktpa of polypropylene products, 1,300 ktpa of paraxylene, and 650 ktpa of polyethylene. It is hoped that
the development of the national petrochemical industry will help strengthen the trade balance, save foreign exchange, and reduce imports of raw materials and petrochemical products.
Frame Work Agreement (FWA) antara PT Pertamina (Persero) dengan Rosneft Oil Company
Pertamina’s strategy in 2030 is to Build New Grass Root Refinery (NGGR) in order to achieve National Self Sufficiency in Energy.
As part of Pertamina’s Refining Masterplan, there are Two New Grass Root Refinery will be built until 2025. One of them is Tuban NGGR.
Pertamina explores opportunity for partnership in developing GRR Tuban to share capital need, strategic capability and risk, as commonly seen in recent refinery development projects. Pertamina therefore, looks fo strategic partner with strong intrinsic and strategic fit with Pertamina. After series of selection processes, Rosneft was selected as Strategic Partner.
Pertamina through its subsidiary KILANG PERTAMINA INTERNASIONAL and Rosneft Oil Company through its affiliate PETROL COMPLEX PTE. LTD. (now known as ROSNEFT SINGAPORE PTE. LTD), has officially set up joint venture company, called Pertamina Rosneft Pengolahan dan Petrokimia (PT. PRP&P) to develop the Grass Root Refinery and Petrochemical Project (NGRR) in Tuban - East Java Province (Indonesia)
The JV Agreement was signed in 5 October 2016 with shares in the ratio of the contribution is fifty five percent (55%) Pertamina and forty five percent (45%) Rosneft.
Base on Market Study conducted by Nexant, Tuban Refinery will have very competitive position in term of Capacity, Complexity, and Also Margin Performance compare to the best industry peer in the regions.
Estimated CAPEX with ±30% accuracy is 15.7 bln $. The project IRR in 12.4%. The NGRR Tuban Project has a target to be completed by 2025.