Indonesia’s PT Petramina is seeking for external funding for its petrochemical project i.e. refinery and its up gradation. As per the director of the company, it would require 2.6 billion dollar in next three to four years to support the first stage of its Balikpapan refinery project. The first and second phase of the Balikpapan refinery upgrade is estimated to cost $5 billion. The first stage of development is estimated to be completed by 2019. Pertamina aims to reduce its operational expenditures by 30 percent as part of efficiency measures amid low oil prices.
