Indonesia-based OSO Group has plans to set up a $4.8bn oil refinery in a joint venture partnership with the State Oil Company of the Azerbaijani Republic (SOCAR).
The new refinery to be constructed on OSO's concession in a free trade zone next to Batam Island is expected to have a processing capacity of 600,000 barrels per day.
The company is planning to target the East Asian shipping lanes through the refinery.
OSO Group is expecting to sign a memorandum of understanding with SOCAR in the month of November 2012 and provide the joint venture project with all the facilities, permits, land and other requirements.
The project will be funded by both the parties with majority of it coming from Azerbaijan.
OSO Group CEO Mariano Asril was quoted by Reuters as saying that the company will refine oil from Azerbaijan.
"The purpose is to trade or sell the processed oil to Indonesia or any other Asia-Pacific country," Asril, CEO added.
The refinery is anticipated to open in 2017.
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