Indonesia's first private oil refinery postponed

Bambang Trihatmodjo, a son of President Suharto who is a partner in the construction of Indonesia's first private oil refinery has said the project will be postponed.
Trihatmodjo said that the project in eastern Java, which was inaugurated on Dec. 2, will be delayed until the nation's economic situation improves.
The Situbondo refinery is run by PT Asia Pacific Petroleum Refinery Indonesia, of which Bambang is the president commissioner. Another partner in the project is Probosutedjo, a half-brother of Suharto.
Project managers originally said the refinery would cost $ 3.2 bn to build.
"The refinery in Situbondo has been delayed until the economy improves. Then, if possible, we will continue the plan," said Bambang, urging the country's business leaders to follow his example and delay giant projects.
Both Bambang and Probosutedjo owned insolvent banks that were shut in November to comply with terms of a $ 40 bn bailout plan led by the IMF.