Indonesia’s Pertamina to take over Masela gas project stake -minister

Indonesia's Pertamina to take over Masela gas project stake -minister
FILE PHOTO: A worker of a petrol station of the state-owned company Pertamina changes the fuel prices displayed after the announcement of a fuel price hike, in Bekasi, on the outskirts of Jakarta, Indonesia, September 3, 2022. REUTERS/Ajeng

JAKARTA : Indonesian state energy company Pertamina is expected to take over Shell’s 35 per cent participating stake in the Masela gas project by the end of the month, energy minister Arifin Tasrif told parliament on Monday.

Government officials have repeatedly urged Shell to conclude the share sale, with Indonesia keen to accelerate development of the project in the eastern part of the country.

Pertamina is leading a consortium to take over the stake, Arifin told members of the parliamentary committee overseeing the energy sector without sharing further details.

The project, led by Japan’s INPEX, is designed to have annual LNG production volume of 9.5 million tonnes at its peak. INPEX submitted a revision to its Masela development plan this year to include a carbon capture and storage component.

Pertamina and Shell’s Indonesian business both declined to comment.



Source: Reuters