U.S’ Continental to Build Oil Refinery in Indonesia

JAKARTA (TheInsiderStories) – U.S’s Continental Energy Corporation (OTCQB:CPPXF) announced that it has established PT Kilang Kaltim Continental (KKC), an Indonesian subsidiaries. KKC’s investment license permits it to build, own, and operate a crude oil refinery at the KIPI Maloy port and industrial park, a East Kutai special economic zone of East Kalimantan Province. The planned 24,000 barrels per day 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 local sale direct to industry, distributors, and consumers within the East Kalimantan Province. Continental owns an 80 per cent shareholding in KKC, and the company’s 85 per cent owned subsidiary, PT Continental Hilir Indonesia, owns the remaining 20 per cent. Karsani Aulia, has been appointed as the first director of KKC, and the CEO, Richard L. McAdoo has been appointed as first commissioner.