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Indonesia and Iran are due to sign a deal to develop an oil refinery on densely-populated Java island worth up to five billion dollars that will largely target China, an official said.
Elnusa, a unit of Indonesian state energy firm Pertamina, and the National Iranian Oil Company (NOIC) will sign the deal in the presence of visiting Iranian President Mahmoud Ahmedinejad, Syahrul, an Elnusa executive told AFP.
He said NOIC will provide 20-25 percent of the equity for the refinery project, Elnusa 20 percent and the rest is to be sought from other sources.
"Seventy percent of the refinery's output will be for export, notably to China, while the remainder will be for domestic consumption," Syahrul said.
The refinery will have capacity of 300,000 barrels of oil per day and NOIC has guaranteed long-term annual supply of at least 100,000 bpd, he said.
"The location for the plant has yet to be agreed on but what is certain is that it will be in Java," Syahrul said.
The refinery is expected to begin commercial production in 2010, he added.
Ahmedinejad and his Indonesian counterpart Susilo Bambang Yudhoyono are also expected to sign a memorandum of understanding on bilateral energy cooperation and several other issues Wednesday.
Indonesia is Asia's only member of the Organisation of Petroleum Exporting Countries (OPEC) but its oil output has fallen in recent years to about one million bpd amid flagging investment.
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