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PT Kilang Pertamina Balikpapan (PT KPB), was founded on May 7, 2019. PT KPB shares are 99.997% owned by PT Kilang Pertamina Internasional (PT KPI), a subsidiary of PT Pertamina (Persero) which was formed as a strategic holding company in the investment and Pertamina's business ventures are related to refinery and petrochemical megaprojects, especially in carrying out cooperation schemes and project funding strategies. Meanwhile, 0.003% of the shares are owned by PT Pertamina Pedeve Indonesia, which is also a subsidiary of PT Pertamina (Persero) which is engaged in capital investment in subsidiaries or affiliates of PT Pertamina (Persero).

PT KPB was established to carry out the development of the Balikpapan & Lawe-Lawe Refinery Development Master Plan (RDMP) project and run the refinery processing business of Refinery Unit (RU) V Balikpapan, East Kalimantan.

The Balikpapan & Lawe-Lawe RDMP project is one of PT Pertamina's (Persero) strategies in order to achieve the 2030 Company Long Term Plan (RJPP) target to realize Indonesia's economic independence, especially in terms of domestic oil production. Through the Balikpapan & Lawe-Lawe RDMP, it is targeted to increase production capacity from 260 thousand barrels per day (kbph) to 360 thousand barrels per day (kbph) and produce Euro V quality products, namely oil products that are more environmentally friendly and of better quality with lower consumption levels. more efficient.