MOSCOW (MRC) -- Indonesian state energy company PT Pertamina said it has signed agreements with Italian oil company Eni SpA to develop a so-called green refinery in Indonesia and to process a palm-based fuel mixture in Italy, reported Reuters.
Pertamina said in a statement, it has signed a head joint venture agreement for the planned refinery in Indonesia that would produce fuel completely derived from crude palm oil (CPO) and a term sheet for CPO processing in Italy.
Pertamina also signed an agreement to allow it to process CPO at Eni’s refinery in Italy to produce hydrotreated vegetable oil (HVO), which can be used as a mixture in diesel fuel.
The two companies are also in talks to potentially produce HVO in Indonesia.
The two companies had previously agreed to conduct studies of potentially converting three of Pertamina’s refineries into green refineries to produce palm-based diesel as Indonesia boost efforts to soak up excess palm supply in the country.
As MRC informed previously, in February 2018, Italy’s Eni and France’s Total discovered a promising natural gas field off Cyprus. Eny said then that the find looked geologically similar to the mammoth Zohr field off Egypt.
Eni is an Italian multinational oil and gas company headquartered in Rome. It has operations in in 79 countries, and is currently Italy's largest industrial company with a market capitalization of EUR68 billion (USD 90 billion), as of August 14, 2013. The Italian government owns a 30.3% golden share in the company, 3.93% held through the state Treasury and 26.37% held through the Cassa depositi e prestiti. Another 39.40% of the shares are held by BNP Paribas.
Pertamina is an Indonesian state-owned oil and natural gas corporation based in Jakarta. It was created in August 1968 by the merger of Pertamin (established 1961) and Permina (established 1957). Pertamina is the world's largest producer and exporter of liquefied natural gas (LNG).
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