Pertamina, Petronas Sign MoU

Indonesia’s Pertamina and Malaysian Petronas have signed a memorandum of understanding to work together in developing oil and gas business, Pertamina said February 26. The two companies will not only work together in Indonesia and Malaysia but also outside.

According to Pertamina`s director of investment planning and risk management Heru Setiawan, Pertamina and Petronas will explore the possibilities of cooperation in both upstream and downstream.

The two will cooperate in Indonesia and Malaysia as well as in other countries; such as crude oil processing in East Asia and joint exploration of business opportunities in other continents.

The two companies also agreed to swap crude oil produced in Malaysia (Kikeh, Kimanis and Kidurong fields) with that produced in Indonesia (Jabung and Ketapang fields), Pertamina said.