DOCSLIB.ORG

Anthony Patten

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Anthony Patten Anthony Patten Partner Corporate, Finance and Investments Singapore: +65 6303 6061 London: +44 20 7551 7512 [email protected] Anthony Patten is a partner in the Corporate, Finance and Investments team in Singapore. Anthony’s focus is on corporate, project development and finance work in the oil and gas sector. Over 20 years Anthony has advised corporates, governments and banks on projects and transactions globally and across the entire value chain. Anthony spent six years of his career as a senior in house lawyer with Shell in London and Dubai and he has been in private practice in Australia, the UK, the UAE and now Singapore. His practice has a particular emphasis on LNG. Anthony represents clients including Mitsui, ADNOC, PTT, PETRONAS, Pertamina, Total / Anadarko, BW Maritime, Golar LNG and Mubadala Petroleum. Matters UPSTREAM OIL & GAS ADNOC on a range of upstream oil and gas concessions and related operational matters in the UAE PTTEP on its acquisition of Partex Oil and Gas PTTEP on bids for upstream assets in Malaysia, Argentina and Oman Mitsui E&P on its acquisition of upstream acreage from BG Group in Brazil Mitsui E&P on the sale of its interest in the Britannia field in the UK North Sea to Zennor Petroleum Mitsui E&P on the proposed sale of its interest in the Alba field in the UK North Sea Mitsui E&P on various upstream oil and gas transactions in Australia, New Zealand and Papua New Guinea OMV on upstream oil and gas projects in Iraq, Iran and Yemen South Atlantic Petroleum on its acquisition of upstream assets from Roc Oil in Madagascar Centrica on a range of acquisitions and divestments in the UK, Nigeria and Trinidad A bidder for Occidental Petroleum’s upstream business in the Middle East and Africa 1 www.kslaw.com 1 A bidder for BP’s interest in the Rumaila field in Iraq LNG - LIQUEFACTION PROJECTS Shell on the QatarGas 4 project Shell on the Nigeria LNG project Shell on the Persian LNG project in Iran Shell on the Oman LNG and Qalhat LNG projects in Oman Golar LNG on the GTA floating liquefaction project in Mauritinia and Senegal Golar LNG on the Fortuna floating liquefaction project in Equatorial Guinea A bidder on its proposed acquisition of an interest in the Yemen LNG project from Hunt Oil INPEX on the development of the Ichthys LNG project in Australia INPEX on the development of the Prelude floating liquefaction project in Australia TEPCO on the development of the Wheatstone LNG project in Australia Mitsui and JOGMEC on the Arctic 2 LNG project in Russia LNG Japan and Sojitz on the Brass LNG project in Nigeria OMV on the proposed Iran LNG project LNG - MARKETING AND TRADING Shell, on a full time basis, on its global LNG business, including long and short term LNG sales from Shell equity LNG projects globally Anadarko (Total) on long term LNG sales from the Mozambqiue LNG project (Area 1) to Bharat Petroleum and Shell Mitsui on offtake from the Arctic LNG project in Russia Mitsui on offtake from the ECA LNG project in Mexico Marubeni on offtake from and equity investment in the QatarGas 4 project in Qatar ADNOC (Adgas) LNG on a range of mid term LNG sales to commodities traders Brunei LNG on long term and mid term LNG sales and related commercial matters Exxon Mobil on its portfolio LNG business Mitsui, Gazprom, EGL, Centrica, Gas Natural among others on LNG trading matters LNG - REGASIFICATION PROJECTS Lenders including K-Sure on the Bahrain LNG project Lenders including the EIB on the GATE LNG project in the Netherlands Shell on the development of the Altamira and ECA LNG projects in Mexico 2 www.kslaw.com 2 Shell on the development of the Hazira LNG project in India Shell on the selldown of an interest to, and joint venture with, Total in relation to the Hazira LNG project in India Golar LNG on the Dubai LNG FSRU project with DUSUP Golar LNG on two FSRU projects with Petrobras in Brazil BW LNG on FSRU projects in Pakistan, Australia, Hong Kong and the Ivory Coast LNG TO POWER PROJECTS Marubeni, Pertamina and Sojitz on the development and financing of the Jawa-1 LNG to power project in Indonesia Marubeni, Mitsui and Sumitomo on the LNG aspects of the Thilawa LNG to power project in Myanmar Golar Power (now Hygo) on the development of the Sergipe LNG to power project in Brazil Lenders including IFC on the GNA LNG to Power project in Brazil BW LNG on the El Salvador LNG to power project PIPELINE PROJECTS AND GAS SALES OMV on the Nabucco pipeline project in Central Europe EGL (now AXPO) on the Trans Adriatic Pipeline project in Central Europe Brunei LNG on feedstock gas supply arrangements Oman LNG on feedstock gas supply arrangements REFINING, PETROCHEMICAL AND OTHER DOWNSTREAM PROJECTS PETRONAS on the development and financing of the RAPID integrated refining and petrochemical project in Malaysia, including the formation of the 50/50 joint venture between PETRONAS and Saudi Aramco Kuwait Petroleum Corporation on its proposed global basic chemicals joint venture with Dow Chemical (K-DOW) Shell and PTT on the restructuring of the Rayong refinery in Thailand A bidder on the sale of Shell’s LPG business in Hong Kong & Macau Caltex (now AMPOL) on refined product supply agreements with Chevron A bidder for Shell’s downstream business in Australia (subsequently sold to Vitol) Credentials EDUCATION Bachelor of Laws, University of Melbourne, honors ADMISSIONS 3 www.kslaw.com 3 England and Wales Victoria Western Australia ASSOCIATIONS Member, AIPN (Association of International Petroleum Negotiators) Recognition Leading Individual (Energy and Natural Resources: International, Singapore) CHAMBERS ASIA-PACIFIC (2017-2020) Leading Individual (Energy: Foreign Firms, Singapore) LEGAL 500 (2017-2020) Highly Regarded Leading Lawyer (Energy and Infrastructure, Project Development and Project Finance) IFLR 1000 (2015-2020) Anthony “demonstrates his experience when [clients face] difficult issues", "magically producing" alternative solutions. CHAMBERS ASIA-PACIFIC, 2020 News IN THE NEWS January 14, 2021 • Source: Reuters News Anthony Patten discusses the recent volatility in Asian spot LNG prices RECOGNITION August 26, 2021 India Business Law Journal Again Recognizes King & Spalding Among Top Foreign Law Firms for India Work February 19, 2021 Chambers Global Again Recognizes King & Spalding as a Leading International Law Firm VIEW ALL ON KSLAW.COM 4 www.kslaw.com 4.
Load more

Recommended publications
  • Middle East Oil Pricing Systems in Flux Introduction
    May 2021: ISSUE 128 MIDDLE EAST OIL PRICING SYSTEMS IN FLUX INTRODUCTION ........................................................................................................................................................................ 2 THE GULF/ASIA BENCHMARKS: SETTING THE SCENE...................................................................................................... 5 Adi Imsirovic THE SHIFT IN CRUDE AND PRODUCT FLOWS ..................................................................................................................... 8 Reid l'Anson and Kevin Wright THE DUBAI BENCHMARK: EVOLUTION AND RESILIENCE ............................................................................................... 12 Dave Ernsberger MIDDLE EAST AND ASIA OIL PRICING—BENCHMARKS AND TRADING OPPORTUNITIES......................................... 15 Paul Young THE PROSPECTS OF MURBAN AS A BENCHMARK .......................................................................................................... 18 Michael Wittner IFAD: A LURCHING START IN A SANDY ROAD .................................................................................................................. 22 Jorge Montepeque THE SECOND SPLIT: BASRAH MEDIUM AND THE CHALLENGE OF IRAQI CRUDE QUALITY...................................... 29 Ahmed Mehdi CHINA’S SHANGHAI INE CRUDE FUTURES: HAPPY ACCIDENT VERSUS OVERDESIGN ............................................. 33 Tom Reed FUJAIRAH’S RISE TO PROMINENCE ..................................................................................................................................
    [Show full text]
  • Vitol-Brochure-2019 FINAL-1.Pdf
    02 VITOL | Contents Vitol 04 VLC Renewables 14 Vitol at a glance 05 Our investments 16 Operating Globally 08 VTTI 17 Trading portfolio 10 Vitol Aviation 17 Crude oil 10 Viva Energy 18 Middle distillates 10 Vivo Energy 18 Gasoline 10 Petrol Ofisi 19 Biofuel 11 OVH Energy 19 Fuel oil 11 VARO 20 Naphtha 12 Rodoil 20 Bitumen 12 Hascol 20 Coal 13 Cockett Marine Oil 20 Liquid petroleum gas (LPG) 13 VPI Immingham 21 Liquefied natural gas (LNG) 13 VLC Renewables 21 Natural gas 13 Exploration and production 24 Power 14 Vitol Foundation 25 Renewables 14 Our worldwide capabilities 26 Shipping 14 VITOL VITOL | 03 Vitol Vitol is at the For over 50 years Vitol has served the Responsibility heart of the world’s world’s energy markets, trading over We are mindful of the risks associated seven million barrels of crude oil and with handling energy. Our assets energy flows. Every products a day and delivering energy operate to international HSE standards day we use our products to countries worldwide. and we expect the same of our partners expertise and throughout the energy chain. We seek logistical networks Our customers include national oil to conduct our business in line with to distribute energy companies, multinationals, leading the ten principles of the UN Global industrial and chemical companies and Compact and to work with partners around the world, the world’s largest airlines. We deliver who share our commitment to high efficiently and the products they need on time and to standards of operation. responsibly. specification by sourcing and managing the movement of energy through the relevant infrastructures.
    [Show full text]
  • Iran's Latest Export/Import Options
    Iran’s latest export/import options Relations between Iran and its neighbours are strengthening despite increased efforts by the US to isolate Tehran; both Turkmenistan and Azerbaijan have recently agreed to boost gas exports to the Islamic Republic. Iran cannot be ignored – its export potential for Europe is significant, both as the holder of the second largest gas reserves in the world and geographically as a strategic link between gas-rich Turkmenistan and Turkey. But development has been severely hindered as US companies have been banned from working in the country and international sanctions over nuclear proliferation concerns The oil and gas are becoming a weightier deterrent for European companies. Even so the Iranians do bureaucracy in manage to keep things going. Iran has a very deep-set mistrust Now, with the threat of harsher sanctions looming, Gas Matters looks at prospects for of the foreign the development of the Iranian gas industry and how progress, though faltering, may majors, established not be as bad as people think. following the painful experience The oil and gas bureaucracy in Iran has a very deep-set mistrust of the foreign majors, established of the 1951 coup, following the painful experience of the 1951 coup, the nationalisation of the industry and the the nationalisation of the industry and subsequent fight against the western oil companies in the pre-1979 period. There may now the subsequent fight potentially be a shift in attitudes as the people who worked during the 1970s are retired or against the western retiring. “But, as we’ve seen in Iraq, countries fall back to deeply-rooted attitudes towards the oil companies in the oil and gas sector so I wouldn’t expect any radical change whatever happens politically,” says pre-1979 period Pierre Noel, an energy policy specialist at Cambridge University’s Judge Business School.
    [Show full text]
  • Professional Profile Expertise Recent Experience Education
    Javaid Akhtar Partner PROFESSIONAL PROFILE [email protected] Dual qualified as a Solicitor of England and Wales and Advocate in Pakistan, +92 (51) 285 5890-2 Javaid specialises in acquisitions, oil and gas and arbitration and corporate and commercial matters. Javaid is the managing partner of the Islamabad 64, Nazimuddin Road, F- 8/4, Islamabad, Pakistan office of Vellani & Vellani and was earlier a partner of Amhurst Brown, which merged with Vellani & Vellani in 2018. https://www.linkedin.com/i n/javaid-akhtar-49051313/ RECENT EXPERIENCE EDUCATION ACQUISITIONS Represented local and multinational companies in the sale and Bachelor of Law (LL. B) King’s College London - 1991 purchase of assets and shares, particularly in the upstream oil and gas sector. Acted in the purchase of Austrian owned OMV companies in Pakistan EXPERTISE (2017-8) and UK owned Premier Oil companies in Pakistan (2016), and a substantial holding in a Pakistani oil marketing company to a Dispute Resolution middle-eastern company (2018). Earlier, acted in the sale of BP’s Mergers & Acquisitions, assets in Pakistan (2011-14), purchase of Tullow Pakistan (2014) and Restructuring and aspects of the sale of Petronas Carigali Pakistan (2011). Securities Acted on the buy-side in relation to the Government of Pakistan’s sale Oil & Gas of companies and assets (i.e. privatization), including sale of state interests in petroleum concessions; in Pakistan Steel Corporation and Pakistan State Oil Ltd. Apart from the customary suite of agreements, such transactions involved extensive due diligence and, often protracted, issues to be resolved with regulatory authorities (including the Directorate General (Petroleum Concessions), the Competition Commission of Pakistan and the Securities and Exchange Commission of Pakistan).
    [Show full text]
  • 2016 EITI Report
    Contents List of Abbreviations ......................................................................................................................6 Executive Summary........................................................................................................................8 1. EITI in Iraq .............................................................................................................................. 14 1.1. About the Extractive Industries Transparency Initiative (EITI) ................................... 14 1.2. EITI Implementation in Iraq .................................................................................................. 14 1.3. EITI Governance and leadership in Iraq (Requirement 1.1 – 1.3) ................................ 16 1.4. MSG Governance (Requirement 1.4) .................................................................................. 17 1.5. MSG Workplan (Requirement 1.5) ....................................................................................... 18 2. Legal Framework and Fiscal Regime for the Extractive Industries (Requirement 2.1) . 20 2.1. National Governance Structures ......................................................................................... 20 2.2. Overview of the regulations applicable to extractive industries ................................. 21 2.2.1. Extractive sector regulations in federal Iraq ........................................................................ 21 2.2.2. Overview of the corporate income tax and withholding tax regimes applicable
    [Show full text]
  • Recent Crude Oil Price Dynamics, PETRONAS and Malaysia
    Recent crude oil price dynamics, PETRONAS and Malaysia Lim Kim-Hwa [email protected] Tim Niklas Schoepp [email protected] 23 January 2015 Executive Summary Since PETRONAS contributed RM73.4 billion (30% of the Malaysian government’s expenditure) in 2013, the recent crude oil price fall has profound implications. The commodity effect will mean lower revenue and profits. However, this effect is cushioned by the depreciating USDMYR. This report aims to evaluate the likely price range of crude oil in 2015 and shows the possible impact on PETRONAS under different circumstances. With contained geo-political risks, global crude oil oversupply, slower global economic growth and cost factors that favour continuous production rather than cuts, crude oil is likely to trade between USD40 – 70 per barrel. Using the Annual Reports of PETRONAS, we estimated that: • If USDMYR depreciates slightly to 3.75 and crude oil trades at USD55 per barrel in 2015, PETRONAS’ profitability (as measured EBITDA) might fall to RM72 billion; and dividends might fall to RM19 billion (vs. RM123 billion and RM27 billion respectively in 2013); • In a rosy case (where crude oil trades at USD70 per barrel and USDMYR trades at 4), PETRONAS’ EBITDA would fall to RM98 billion but RM26 billion dividends payment might be possible; • In a bad case (where crude oil trades at USD40 per barrel and USDMYR trades at 3.5), PETRONAS’ EBITDA would fall to RM49 billion and dividends might fall by half to RM13 billion. • Some PETRONAS assets might be impaired, in particular those that were purchased when crude oil price was trading at over USD100 per barrel.
    [Show full text]
  • Structuring Petroleum-Sector Institutions
    Briefing October 2014 Considerations for Indonesia’s Universitas New Government: Structuring Gadjah Mada Petroleum-Sector Institutions Patrick Heller and Poppy Ismalina As Indonesia’s new government seeks to maximize the country’s benefits from the petroleum sector, one of its most important tasks will be to resolve the longstanding uncertainty surrounding the roles and responsibilities of the public institutions responsible for managing the sector. This briefing offers a perspective based on global experience in oil and gas as well as Indonesia’s own history. WHY PETROLEUM-SECTOR INSTITUTIONAL STRUCTURE MATTERS Effectively allocating roles and responsibilities among ministries, Pertamina, and other government agencies is crucial if Indonesia is to tackle the challenge of reinvigorating its petroleum sector. Indonesia faces declining petroleum reserves and production, rising consumption, costly fuel subsidies and a desire to boost the performance of Pertamina. The country therefore requires an institutional structure that will enable it to execute a coherent strategy and that empowers the assigned entities to manage exploration, production, relationships with contractors, tax collection and the enforcement of Indonesia’s laws and contracts. Most importantly, the government must decide whether to house regulatory (i.e., monitoring and oversight) responsibilities within Pertamina or in another body. The new government has an opportunity to reconcile the Constitutional Court’s decision on BP Migas and build a coherent, effective, forward-looking structure. In the aftermath of the 2012 Constitutional Court decision—which invalidated the role of independent regulator BP Migas as established in 2001 on the grounds that it did not meet the state’s responsibilities under Article 33 of the constitution—there has been confusion about the present and the future of government responsibility for the petroleum sector.
    [Show full text]
  • Murphy-Oil-Corp-4Q-2020-Earnings
    2020 FOURTH QUARTER EARNINGS CONFERENCE CALL & WEBCAST JANUARY 28, 2021 ROGER W. JENKINS PRESIDENT & CHIEF EXECUTIVE OFFICER www.murphyoilcorp.com NYSE: MUR 0 Cautionary Statement & Investor Relations Contacts Cautionary Note to US Investors – The United States Securities and Exchange Commission (SEC) requires oil and natural gas companies, in their filings with the SEC, to disclose proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We may use certain terms in this presentation, such as “resource”, “gross resource”, “recoverable resource”, “net risked PMEAN resource”, “recoverable oil”, “resource base”, “EUR” or “estimated ultimate recovery” and similar terms that the SEC’s rules prohibit us from including in filings with the SEC. The SEC permits the optional disclosure of probable and possible reserves in our filings with the SEC. Investors are urged to consider closely the disclosures and risk factors in our most recent Annual Report on Form 10-K filed with the SEC and any subsequent Quarterly Report on Form 10-Q or Current Report on Form 8-K that we file, available from the SEC’s website. Forward-Looking Statements – This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally identified through the inclusion of words such as “aim”, “anticipate”, “believe”, “drive”, “estimate”, “expect”, “expressed confidence”, “forecast”, “future”, “goal”, “guidance”, “intend”, “may”, “objective”, “outlook”, “plan”, “position”, “potential”, “project”, “seek”, “should”, “strategy”, “target”, “will” or variations of such words and other similar expressions.
    [Show full text]
  • Iran's Strategy for Export of Natural
    Iran’s Strategy for Export of Natural Gas Statement by: M.A. Sarmadi-Rad Director of Regional Economic Cooperation MFA of Islamic Republic of Iran WORKING PARTY ON GAS UN/ECE 15th SESSION JANUARY 2005 GENEVA In the Name of God, The Compassionate, the Merciful Mr. Chairman, Ladies and Gentlemen, First of all I would like to express my sincere gratitude to the organizers of this meeting for inviting me to make this presentation. It is indeed a pleasure for me to be here and share with you my point of view regarding Iran’s strategy for exporting natural gas. As for natural gas we all know that demand for natural gas has been growing much faster than the demand for other primary energy resources. It is also expected that the share of natural gas in the primary energy basket to increase rapidly. The growth rate of world demand for natural gas will average 3.1%. It is also no secret that European countries will be even more dependent on natural gas in the coming decades. Projected natural gas supply and demand for 2020 and 2030 reveal that European countries will have to find new sources of supply to satisfy their additional demand. Russia, currently the main supplier of natural gas to Europe, may not be able to meet this increasing demand. Because Russia, as is widely expected, will have to meet the growing demand for natural gas in FSU countries and in its domestic market. Iran, located strategically in the vicinity of Russia, the CIS countries and the Caucasus, as well as on the eastern border of Europe, has the potential to export large quantities of natural gas both to EU markets in the west and to the growing energy markets of South Asia and beyond.
    [Show full text]
  • Slovenia: MOL Group' Retail Acquirement Agreement With
    Slovenia: MOL Group’ retail acquirement agreement with OMV The agreed purchase price is 301 million euros (100 % share of OMV Slovenia); MOL Group reached an agreement with OMV to acquire OMV’s 92.25 % stake in OMV Slovenia, in which Croatian INA already holds a 7.75 % minority stake, from OMV Downstream GmbH as direct shareholder. The transaction includes 120 petrol stations across Slovenia. OMV Slovenia operates in the country under 3 brands: OMV (108), EuroTruck (4) and Avanti/DISKONT (8). MOL Group and INA will become the 100 % owner of the wholesale business of the acquired company, as well. With 48 MOL and 5 INA-branded service stations in Slovenia, MOL Group is currently the third largest retail market-player. However, the transaction is still subject to merger clearance. The acquisition fits into the Group’s SHAPE TOMORROW 2030+ updated long-term strategy, which places a special emphasis on the development of Consumer Services. MOL Group CEO Zsolt Hernadi said that this step is in line with group’s strategic goals to further expand retail fuel network in existing and potential new markets in central and eastern Europe. By 2025, MOL Group would like to reach 2200 petrol stations, potentially more, if more good opportunities arise. With constant development and digitization, shaping future consumer and mobility trends, MOL offers convenience as it aims to help people on the move, regardless of what powers the customer’s mode of transport. Furthermore, its integrated business model and accelerating growth enables it to provide financial resources for developing sustainable solutions and boosting circular economy in the region.
    [Show full text]
  • Atlantic Refining Co
    PENNSYLVANIA HISTORIC RESOURCES SERIES: ATLANTIC REFINING CO. 2006 BELLEFONTE INDUSTRIES Atlantic Refining Company Published by Bellefonte Borough 236 W. Lamb St., Bellefonte, PA 16823 814.355-1501 What is the Historical Resources Series? Under a local history grant from the Pennsylvania Historical and Museum Commission, Bellefonte conducted research and documentation of the industrial heritage of the Spring Creek waterfront. As part of this project, Pennsylvania Historic Resource Survey forms were completed to document each surviving industrial resources and evaluate its significance. The Eagle Silk Mill was determined eligible for inclusion in the National Register as a contributing element of the Bellefonte Historic District. --by Erin Hammerstedt OVERVIEW (ABOVE) OF THE ATLANTIC REFINING COMPANY PROPERTY, ILLUSTRATING THE HISTORIC BRICK OFFICE BUILDING AND MODERN ADDITIONS THAT HAVE OCCURRED TO ACCOMMODATE SUBSEQUENT USES. ALTHOUGH THE FEATURES SUCH AS OIL TANKS AND SIGNAGE IDENTIFYING THE ATLANTIC REFINING COMPANY HAVE BEEN REMOVED, THIS PROPERTY HAS THE POTENTIAL TO BE REDEVELOPED TO CONTRIBUTE TO BELLEFONTE’S WATERFRONT DISTRICT. had been established four years earlier. In The Atlantic Refining Company developed this 1874, John D. Rockefeller purchased the property beginning in 1898. From 1898 to company, making it part of the Standard Oil 1956, the property served the oil company. Trust. When the Sherman Antitrust Act From 1962 to 1988, the property (plus two dissolved Standard Oil in 1911, the Atlantic additional tracts of land) served as a building Refining Company was spun off as an supply store, and from 1988 to 2002 it housed independent company. The Atlantic Refining a screen-printing business. Company operated independently until 1963, when it purchased the Hondo Oil and Gas The Atlantic Refining Company was Company.
    [Show full text]
  • Media Monitoring Online Pertamina Projects Stall Amid Policy
    Media Monitoring Online Pertamina Projects Stall Amid Policy Flip-flops, Refinery Blaze Tanggal : Rabu , 31 Maret 2021 Media : The Jakarta Post Halaman : 2 Wartawan : Vincent Lingga Muatan Berita : Netral Narasumber : None () Rubrik : Headlines Topik : Kilang Minyak Nilai Iklan : Rp. 78.000.000 This is really bad news for energy, an extremely vital component of the economy. While Pertamina’s four refinery upgrade projects and two greenfield refinery projects launched in 2014 have been delayed by several years or even canceled, an inferno fire gutted the state-owned oil and gas giant’s newest refinery at Balongan, West Java, early Monday morning. Even though Pertamina has made assurances that the incident would not disrupt fuel supply and distribution, we cannot help but be concerned about the damage incurred on the downstream oil industry. Already Southeast Asia’s largest net importer of crude oil, gasoline and gasoil at an annual volume of almost 1 million barrels per day (bpd), Indonesia may have to import more refined fuel until the Balongan refinery resumes production at its 125,000 bpd full capacity. Pertamina’s six old refineries, which have a combined capacity of 1 million bpd, are able to produce only 850,000 bpd of refined fuel, barely half of national demand. Importing more fuel means stronger pressures on the balance of payments and larger drain on the foreign exchange reserves. The Balongan refinery, which came on stream in 1994, was the last plant Pertamina built. Many new greenfield and expansion projects that have been planned since then have suffered cancellations or prolonged delays due to the country’s notorious policy flip-flops and bureaucratic barriers.
    [Show full text]