Saudi Aramco’s $5 Billion Joint Venture with PT Pertamina

White & Case LLP has advised Saudi Arabian Oil Company (Saudi Aramco) on its Joint Venture Development Agreement with PT Pertamina (Persero) (Pertamina), Indonesia’s state-owned oil and gas company, for the approximately US$5 billion upgrade of the Cilacap refinery in Indonesia.

The agreement was signed on December 22, 2016 between Saudi Aramco President and CEO Amin Nasser and Pertamina President-Director and CEO Dwi Soetjipto, detailing the framework for moving the project to the next phase of development. This followed the heads of agreement signed in November 2015.

Located in central Java, the Cilacap refinery forms part of Pertamina’s Refinery Development Master Plan. Once the upgrade is completed, the refinery is expected to have the capacity to process 400,000 barrels of crude oil per day. It is designed to process Arabian crude to be provided by Saudi Aramco and to yield refined products that meet Euro V specifications, basic petrochemicals and Group II base oil for lubricants.

The Saudi Aramco legal team was led by Kevin Estis. The White & Case team was led by partners Steve Payne (Picture) and Saul Daniel (London), with support from associates Yasuhiro (Taai) Izushima (Singapore), Yuri Kim and Ahyoung Koo (both London).

Involved fees earner: Steve Payne – White & Case; Saul Daniel – White & Case; Yasuhiro Izushima – White & Case; Yuri Kim – White & Case; Ahyoung Koo – White & Case;

Law Firms: White & Case;

Clients: Saudi Aramco;