Indonesia's sovereign wealth fund, Danantara, plans to sign a USD 8 billion engineering, procurement, and construction (EPC) contract with US engineering firm KBR Inc. to build 17 modular refineries, according to two sources familiar with the matter and an official presentation by the Economic Ministry, as reported by Reuters.
The contract is part of a trade pact reached last week between Indonesia and the US, which resulted in a reduction of proposed US tariffs, from 32% down to 19%.
Indonesia's Economic Minister, Airlangga Hartarto, who served as chief negotiator for the deal, revealed the modular refinery plan during a closed-door briefing with Indonesian business leaders on Monday evening.
He also previously stated that, as part of the agreement, Indonesia has committed to purchasing USD 15 billion in US energy products, USD 4.5 billion in agricultural goods, and 50 Boeing aircraft.
Source: Trading Economics
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