BFS is partially funded by a grant from the US Trade and Development Agency (USTDA) worth $1.07m.
Pertamina president director and CEO Karen Agustiawan said Indonesia’s fuel consumption has experienced annual growth rate of 8% over the last 10 years amid the rising growth of economy of the country.
"Pertamina expects the trend will be continuing for 5 coming years with average annual growth leastwise of 5% per annum," Agustiawan said.
Domestic demand for petrochemical products is also anticipated to increase continuously due to rising new centers of economic growth outside Jakarta, especially manufacturing sector.
The petrochemicals market value in Indonesia is estimated to be $30bn by 2018, and Pertamina said it targets to grab 30% of the market share.
Agustiawan said, "Pertamina needs to modernize its downstream infrastructure to meet the rising demand for energy and petrochemical products in Indonesia. The RDMP will strengthen national energy security and reduce our dependence on imports."
Pertamina operates five major refineries with total capacity of 1,035 milion barrels oil per day.
