Government Encourages Sinopec to Build Oil Depot in Batam

Summary

After being stalled for almost eight years, the Coordinating Economic Ministry asked Sinopec Group to immediately realize the construction of an oil depot in Batam, Riau Islands. The project has an investment value of US$ 841 million. On July 29, 2020, PT Batam Sentralindo and Sinomart KTS Development Ltd, a subsidiary of Sinopec, signed a memorandum of understanding to continue the oil depot project in Batam.

"In the signing ceremony, the Coordinating Economic Ministry and BP Batam were present as witnesses and showed the full support of the Indonesian Government to oversee the realization of this oil depot project," the Coordinating Economic Ministry Secretary Suswijiono said in a written statement on Monday (8/3). According to him, the terms of development and the oil depot project in Batam also received support from the Chinese Government.

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