PERTAMINA SEEK PARTNERS
According to PLATTS, Indonesia's state-owned oil and gas company Pertamina will seek partners to build a strategic petroleum reserve of about 25 million barrels to ensure energy security, a senior official said Tuesday.
"The third party will provide the crude. We plan to select partners after Eid al-Fitr," Pertamina's processing director Rahmad Hardadi said.
About 60% of the crude for the SPR storage was expected to come from domestic production and the rest from other sources, he added.
The SPR storage facility was expected to be built in 1 1/2 to two years, Hardadi said.
The company also plans to build storage capacity for 7.3 million kiloliters of oil products by 2020 from 4.8 million kl currently, S&P Global Platts reported earlier.
President Joko Widodo has committed to build upstream and downstream infrastructure, such as new refineries, pumping stations and storage tanks in a bid to cut Indonesia's dependency on imported fuels.
The government also plans to provide incentives to private companies to participate in building the infrastructure.
Indonesia is already in talks with Oman, Kuwait, Iran and Saudi Arabia to lease storage tanks to hold buffer stocks of crude and oil products equivalent to 30 days of consumption.
|July, 16, 11:05:00|
|July, 16, 11:00:00|
|July, 16, 10:55:00|
|July, 16, 10:50:00|
|July, 16, 10:45:00|
|July, 16, 10:40:00|
AN - China National Offshore Oil Corp. (CNOOC) is willing to invest $3 billion in its existing oil and gas operation in Nigeria, the Nigerian National Petroleum Corporation (NNPC) said on Sunday following a meeting with the Chinese in Abuja.
REUTERS - Production at Libya’s giant Sharara oil field was expected to fall by at least 160,000 barrels per day (bpd) on Saturday after two staff were abducted in an attack by an unknown group, the National Oil Corporation (NOC) said.
IMF - Output grew by 3.8 percent in 2017, underpinned by a resilient non-hydrocarbon sector, with robust implementation of GCC-funded projects as well as strong activity in the financial, hospitality, and education sectors. The banking system remains stable with large capital buffers. Growth is projected to decelerate over the medium term.
IMF - Higher oil prices and short-term portfolio inflows have provided relief from external and fiscal pressures but the recovery remains challenging. Inflation declined to its lowest level in more than two years. Real GDP expanded by 2 percent in the first quarter of 2018 compared to the first quarter of last year. However, activity in the non-oil non-agricultural sector remains weak as lower purchasing power weighs on consumer demand and as credit risk continues to limit bank lending.