Continental Energy Corporation announced that it has established an Indonesian subsidiary, PT Kilang Kaltim Continental (KKC), under a foreign direct investment license received from BKPM, the agency responsible for coordinating international investments in Indonesia.
Kilang Kaltim Continental’s investment license permits it to build, own and operate a crude oil refinery at the KIPI Maloy port and industrial park, a special economic zone located in the Kutai Timur Regency of East Kalimantan Province, Indonesia.
The planned 24,000 barrel-per-day (bpd) capacity refinery is being designed to be built in two phases and is intended to produce diesel fuel, B30 biodiesel, LPG, naphtha, marine fuel oil and residual fuel oil for direct sale to industrial customers, distributors and consumers within East Kalimantan province.
Continental Energy owns an 80% shareholding in KKC and the company’s 85% owned Indonesian subsidiary, PT Continental Hilir Indonesia, owns the remaining 20%.
Company Director Karsani Aulia has been appointed as the first director of KKC and the company’s CEO Richard L. McAdoo has been appointed as KKC’s first commissioner.