300,000 barrel per day refinery to be built and operated by ELNUSA in Indonesia with an estimated cost in excess of US$ 5 billion.
ELNUSA, a subsidiary of Pertamina, the state oil company of Indonesia, recently announced the appointment of Global Union Energy Ventures Ltd., headquartered in Gibraltar, as its exclusive financial advisor, in relation to a 300,000 barrel per day refinery to be built in Indonesia which is estimated to cost in excess of US$ 5 billion. The refinery will be designed to process medium gravity oil from different sources and produce products for the domestic and export markets.
Global Union will be responsible for arranging the financing as well as advising ELNUSA on day-to-day operations. Global Union is the only investment firm with a focus on the mid-stream and down-stream sectors of the international energy industry. The firm has three principal offices in Istanbul, Bahrain and Delhi, with satellite offices in Casablanca, Baku, Islamabad and Jakarta.
Rudy Radjab, President and CEO of ELNUSA, was quoted as saying that “we are delighted to announce this refinery to be built in Indonesia which represents the most important development in South-East Asia, and appoint our official advisor and financial arranger, Global Union”.
Jeffrey Waterous, Chairman of Global Union, said that “Global Union, which is dedicated to serving companies with energy infrastructure activities in Africa, the Black Sea & Caspian Sea regions, the Middle East and Asia, is delighted by this agreement. The refinery is designated to be the signature project in South-East Asia for a plethora of interests; it will involve governments and companies who seek to be positioned in a key geo-strategic downstream project.”
Amir Merchant, President of Global Union, also commented on the deal “Global Union expects to raise funds from both conventional and Islamic finance sources. Some of the capital may come from industry players, in addition to institutional funds located around the world. We will be entering into negotiations with potential crude oil suppliers and off-take buyers who could be strategic partners in the refinery, as well as traditional and non-traditional investors.”
