Jakarta, June 24 -- Energy and Mineral Resources Minister Bahlil Lahadalia and Russian energy giant Rosneft are currently reviewing investment in the oil refinery project in Tuban, East Java, following an increase in the value of the project.

"Why has (the project) not started yet? After recalculating the investment and economic value, it just does not match. We are still reviewing it," Lahadalia informed after the Jakarta Geopolitical Forum IX/2025 held by the National Resilience Institute here on Tuesday.

According to him, the project's investment value has increased significantly from the initial estimate of US$13.5 billion to around US$23 billion-US$24 billion. This increase has been influenced by design factors, land acquisition, a...