JAKARTA (Xinhua) -- Indonesia's state oil company PT Pertamina has signed a joint venture shareholder agreement with state firms from Iran and Malaysia to build a 6 billion dollar oil refinery plant in Banten province, local press said Wednesday.

Within two weeks of the signing, the three parties including National Iranian Oil Refining and Distribution Co. (NIORDC), Pertamina, and Petrofield Refining Company of Malaysia will establish a joint venture company in Indonesia which would start immediately on the project.
If things proceed as expected, the refinery plant will be ready by 2012, reported English newspaper The Jakarta Post.
Pertamina and NIORDC would each have a 40 percent stake in the new company, with Petrofield holding the other 20 percent.
During phase one, the refinery would run at 150,000 barrels of crude oil per day. Pertamina and its partners are planning to eventually expand refinery capacity to 300,000 barrels per day.
""Iran is committed to supplying half of the crude oil needs of the refinery, in other words, 150,000 barrels per day,"" NIORDC president Mohammad Reza Ne’matzadeh was quoted as saying.
Currently, because of limitations in domestic refinery capacity, Indonesia imports fuel -- mostly from Singapore -- to the tune of about 400,000 barrels of crude oil equivalent daily. ?