Indonesia expects to sign agreements with China’s CNOOC, Saudi Aramco and two other oil companies covering direct oil sales and refinery investments in Southeast Asia’s largest economy, a senior Pertamina official said.

President Joko Widodo, who took office six weeks ago, is looking to modernise the country’s refineries and build new ones as part of sweeping energy reforms.

Pertamina is in talks with CNOOC, Saudi Aramco, Thailand’s PTT and a Japanese oil company to form joint ventures that would not only guarantee crude supplies to Indonesia’s refineries, but also help fund major upgrades.