- HEC wins the Balikpapan refinery upgrade project from the Indonesian state-owned oil and natural gas corporation PT PERTA MINA - PT PERTA MINA’s $3.97 billion Balikpapan refinery upgrade project could expand the daily production capacity to 360,000 barrels - HEC reaches $4 billion in overseas projects for 2019 - HEC successfully diversified target markets by making inroads into Southeast Asia following its success in Poland and Guam (U.S.A) - Expectations for further project wins rise in the growing Southeast Asian petrochemical plants market
HEC has successfully won the Indonesian Balikpapan Refinery Development Project worth $3.97 billion. HEC’s stake is $2.17 billion (approximately KRW 2.6 trillion).
The Balikpapan refinery is located in the province of East Kalimantan in the island of Borneo, about 1,000 kilometers to the northeast of the Indonesian capital Jakarta. It is 20 kilometers from the site of the new Indonesian capital announced on August 26.
This massive project aims to upgrade the refinery and build facilities in order to meet EURO V emissions standards.
After completion, the refinery will have its capacity to expand from 260,000 barrels (BPSD) to 360,000 per day. With the addition of facilities that meet EURO V standards, the plant will be able to produce fuel that is environment-friendly.
The EPC (engineering, procurement, and construction) turnkey project is scheduled for 53 months since commencement.
With the latest win, HEC has successfully cemented its presence in the petrochemical plant market in Indonesia, the largest oil producer and economy among ASEAN member countries.
This is the first project where Indonesia’s refinery development master plan is implemented, accentuating HEC’s edge in the competition to win large-scale refinery projects awarded by the state-run oil and natural gas corporation PT PERTA MINA.
With the latest win in Balikpapan, HEC has reached the $4 billion mark in overseas construction for 2019.