REPUBLIKA.CO.ID, JAKARTA - PT Kreasindo Resources as a member of Indonesian Chamber of Commerce and Industry (Kadin), signed an agreement with Iranian company, Nakhle Barani Pardis in Jakarta on Tuesday. Both company will build an oil refinery in Indonesia. 

"Iran has committed to build oil refinery in Indonesia. They also wanted to share the crude oil," Chairman of Kadin, Suryo Bambang Sulisto said on Tuesday.

The investment value reached 3.3 billion USD. The petrochemical refineries will have a capacity of 300 thousand barels oil per day and a feasibility study will be carried out. Head of Investment Coordinating Board (BKPM), Mahendra Siregar hailed the agreement was one of development progress.