INDONESIA SEEKS TO IRAN
JAKARTA, May 30 -- Indonesia's oil and gas company PT Pertamina seeks the possibility to develop oil and gas fields in Iran and import liquefied natural gas (LPG) from the Middle East country, top official of the firm said here on Monday.
President Director of PT Pertamina Dwi Soetjipto said that the firm plans to cooperate with Iran on refining crude oil there.
He said that PT Pertamina has taken parts in several auctions on development of oil and gas fields in Iran.
"We are also ready to cooperate on crude oil refinery."
On LPG import plan, Soetjipto disclosed that the prices of the commodity are cheaper compared with those in other producer countries.
On May 26, PT Pertamina inked a deal on oil and gas cooperation with Russia's oil and gas firm Rosneft.
One of the deals was the cooperation on development of Grass Root Refinery in Tuban of East Java province in Indonesia.
Indonesia will start importing LNG in 2019 to meet rising energy demand, but the government will keep protecting the country' s upstream gas industry, Wiratmaja Puja, director general for oil and gas in energy and mineral resources ministry, has said.
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REUTERS - Brent crude futures LCOc1 were down 72 cents at $61.49 per barrel at 1020 GMT, having fallen by 1.5 percent on Tuesday, its largest one-day drop in a month. U.S. West Texas Intermediate (WTI) crude CLc1 was at $55.12 per barrel, down 58 cents.
BLOOMBERG - Prices dropped during the session as the International Energy Agency said the recent recovery in oil prices, coupled with milder-than-normal winter weather, is slowing demand growth. The worsening outlook for consumption dampened some of the enthusiasm that OPEC and its allies will extend supply curbs.
Global energy needs rise more slowly than in the past but still expand by 30% between today and 2040. This is the equivalent of adding another China and India to today’s global demand.
Product exports have grown significantly over the past several years and are expected to continue to grow as Russian refineries add capacity to produce more high-quality products.