Pertamina CEO Dwi Soetjipto said that he is planning to fly to Iran to discuss cooperation on oil and gas processing. "I will sign a memorandum of understanding with Iranian national company," Dwi said on Wednesday, July 6, 2016.

Pertamina has been studying possibilities to cooperate with Iran in oil and gas processing for quite some time, according to Dwi. The cooperation will include providing liquid petroleum gas (LPG), crude, and to expand investments in the oil and gas upstream sector.

Dwi said the cooperation will open new opportunities for Indonesian companies to be involved in Iran's upstream oil and gas industry. "The Iranian government welcomed the cooperation plan," Dwi said.

Dwi added that the cooperation is also intended to provide oil and gas supply in Indonesia. Dwi said that currently, domestic fuel consumption has reached a staggering number of 1.6 million barrels per day. On the other hand, Pertamina is only capable of producing 300 barrels per day.

In addition to Iran, Pertamina had also established cooperation with Russia. "Next, we will develop [cooperation] with Algeria and Iraq," Dwi said.

(Source: tempo.co)