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Pertamina: up to US$1.5b needed for fuel imports this month JAKARTA - State oil and gas firm PT Pertamina needs 1.3-1.5 bln usd for fuel imports within the next 10 days to replenish national fuel stock levels following higher than expected consumption this month, Pertamina's president Widya Purnama said. Purnama said national fuel stock level has dropped to cover only 17.5 days of nationwide consumption against the normal level of 20 to 21 days.

'We will try within 10 days to bring our oil stocks back to a safe level of 20 or 21 days,' Purnama told a hearing with the House of Representatives' Commission VII which oversees energy affairs. Pertamina needs 1.3-1.5 bln usd to fund the fuel imports, he said, adding that the government has provided it with 4 trln rupiah in fuel subsidy funds on June 15.

Purnama said domestic fuel consumption exceeded the quota for the month, resulting in a drop in stock levels. He did not provide any explanation for the rise in demand. Pertamina has said earlier that domestic fuel consumption amounts to 1.15 mln barrels per day, requiring a daily import of 350,000 barrels of crude and 400,000 barrels of fuel products.

The company imports crude due to declining domestic oil production and as some refineries require imported high grade oil. Indonesia is producing less than 1 mln barrels of oil per day, of which Pertamina's own production amounts to 650,000 barrels a day. Pertamina is in charge of securing and distributing fuels across the country at a subsidized price.



Posted in Economy @ 20 June 2005 13:02 CET by Jeroen · 'Blog' RSS feed · permalink






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