Oman to invest in $7bn Indonesian oil refinery

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Oman to invest in $7bn Indonesian oil refinery

Oman is set to participate in the development of Indonesia’s downstream oil and gas industry, and is preparing to build a new oil refinery in the country’s Riau province.

According to Indonesia’s energy and mineral resources minister Sudirman Said, Oman could supply the required crude oil for the refinery, develop storage facilities, “and later expand into petrochemicals”, as per reports in The Jakarta Post.

“It (Oman) has prepared US$7bn in total, and is now in the process of obtaining a permit. Ground-breaking of the refinery project is expected to be next year,” Said is reported to have claimed following a meeting with senior Omani officials.

The Indonesian daily reported Oman currently produces an average of 960,300 barrels of crude oil and condensate every day, as per figures by the country’s Ministry of Oil and Gas. The country exports a daily average of 948,493 barrels of crude oil, with China as the main buyer.

indonesia is planning to re-enter the Organisation of Petroleum Exporting Countries (OPEC), and securing more crude oil supplies will play a key role in the same.

“We are assessing all countries that have oil supply because a wider range of supply alternatives is better for us. We are a big buyer so it is normal to ask for good terms. Our intention is to have a direct deal so that we don’t have to go through middlemen,” Sudirman added.

Source: Construction Week on Line

Moving Abroad Checklist

Initial Considerations

Will your partner be travelling with you?

If so, what will they be giving up in your present home and will they be able to continue with their career in your new home? You will need to check whether a separate visa is required for your partner to work or if your visa gives that right. If they are unable to work you will need to decide on the effect on your finances and what alternatives are available to give a fulfilling life (home business, training, voluntary work).

Are you taking family with you?

Moving with family raises many exciting opportunities, but also can create challenges. The HSBC Expat Explorer survey indicates that expat kids can take six months to settle in to their new country (see article). Getting young or even older children to prepare to move and leave their friends and family behind can be a challenge and should be thought through.

The options for education is another area that needs to be thought through.

Moving your child to a new country with a different education system can be a great opportunity to broaden their experience, but if they are close to key exams the timing can make this inadvisable. If you do take your family with you, it is important to decide between joining the local school system or choosing an international school.

Where will you be living?

Whether you will be living in a house or apartment, furnished or unfurnished, these decisions will affect what you need to take with you. The time you are planning to live overseas will also affect whether you should leave your property at home empty, rent it out or sell it. See the article Sell, Store or Ship.