OREANDA-NEWS. May 25, 2012. PT Pertamina (Persero) and Kuwait Foreign Petroleum Exploration Company (KUFPEC) signed MOU to explore business cooperation opportunity for global upstream oil and gas business and the possibility of forming joint venture at working regions of the two companies or other prospective regions that are of interest by both companies.

The MOU signing was held at JCC Building on the second day of Indonesian Petroleum Association Conference and Exhibition, on 24 Mei 2012, by Senior Vice President Upstream Strategic Planning and Subsidiary Management of PT Pertamina (Persero) Ronny Gunawan dan Country Manager of KUFPEC Abdullah Malek.

Both companies will conduct feasibility study (FS) regarding the plan to form a joint venture. Successful outcomes of the feasibility study will become the foundation to implement further cooperation.