Jakarta (ANTARA News/Asia Pulse) - Setdco Oil & Gas of the Setdco Group has agreed with Primosky Oil & Gas to build a giant Vladivostok Oil and Gas Complex in Russia estimated to cost up to 18 billion euros (US$26.5 billion).
Setdco and its Russian partner recently signed an agreement to establish a joint venture company to handle the project with Setdco to have a 49 per cent stake and Primosky the majority 51 per cent share, said Setiawan Djodi, chairman of the Indonesian company.
The project will begin with the construction of an oil refinery with a processing capacity of 300,000 barrels of crude oil per day, a storage facility with a capacity of 1 million tons and a liquefied natural gas plant and 2,000 kilometre pipeline from Siberia to Vladivostok, he said.
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