Pertamina's RDMP Balikpapan Refinery has been awarded the Petchem Deal of the Year by Project Finance International (PFI)
Dear investors,
We are delighted to share with you that Pertamina's RDMP Balikpapan Refinery has been awarded the Petchem Deal of the Year by Project Finance International (PFI) on December 19, 2023. This prestigious recognition confirms Pertamina's reputation as a trustworthy company that can secure guarantees from lenders and execute the largest financial projects in Indonesia.
As you know, Pertamina Subholding Refinery & Petrochemical achieved a significant milestone in the project’s progress, as it obtained project funding support of around USD 3.1 billion in June 2023. It earned the confidence of lenders such as Export Credit Rating Agency and 22 banking institutions.
The Balikpapan Refinery RDMP Project is vital for enhancing national energy security by boosting the crude oil processing capacity from 260,000 barrels per day to 360,000 barrels per day. The refinery will also help reduce motor vehicle emissions by upgrading environmentally friendly petroleum products quality to EURO V standards. Moreover, the Balikpapan Refinery will be able to raise its Nelson Complexity Index or the refinery's capability to process bottom products as much as possible, from 3.7 to 8.
As of September 2023, the Balikpapan upgrade has become the biggest project in Pertamina's history, with about 82 percent of construction completed. When finished, the Balikpapan RDMP project will be more eco-friendly as emissions will be lowered through operational energy efficiency and product manufacturing will comply with stricter environmental standards, supporting the government's zero emissions program.
To learn more about our latest news and investor information, please visit our website: https://www.pertamina.com/en/Investor-relations
We sincerely appreciate your continued and profound interest in Pertamina. If you have any questions regarding this email or any other matters related to Pertamina’s scope of business, please do not hesitate to contact our Investor Relations Team at pertamina_ir@pertamina.com
Best regards,
Pertamina Investor Relations