2016-07-05 18:00:00
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.
-----
Earlier:
Chronicle:
2021, July, 9, 12:04:00
HYDROGEN RUSSIA AND CIS, Moscow, 20-21 October 2021
International Conference and Exhibition ‘Hydrogen Russia and CIS’ brings together more than 200 senior executives of hydrogen production plants from Russia and the CIS
2021, July, 9, 12:00:00
ARGENTINA'S NUCLEAR SMR
Before work was suspended, it was in line to be the world’s first operating SMR. The government licensed it as a prototype in 2009.
2021, July, 9, 11:55:00
CHILE'S COAL GENERATION DOWN
In June 2021, the Chamber of Deputies of Chile has approved a bill that prohibits the installation and operation of coal-fired power plants.
2021, July, 8, 12:50:00
OIL PRICE: NEAR $73
Brent slipped by 23 cents, or 0.3%, to $73.20 a barrel, WTI were down 33 cents, or 0.5%, at $71.87 a barrel.
2021, July, 8, 12:45:00
OIL PRICES 2021-22: $72-$67
We expect rising production will reduce the persistent global oil inventory draws that have occurred for much of the past year and keep prices similar to current levels, averaging $72/b during the second half of 2021 (2H21).
2021, July, 8, 12:40:00
EUROPE CLIMATE RULES
According to draft proposals seen by market sources, the CBAM will replace the current system of free carbon allowances for metals sectors, and tighten allowances in the European Emissions Trading System generally, a bone of contention for some.
2021, July, 8, 12:35:00
ASIA INDEXES DOWN ANEW
The Hang Seng index (.HSI) led losses with a 1.9% drop, its eighth consecutive session in the red, with more falls in internet giants Tencent (0700.HK), Meituan (3690.HK) and Alibaba (9988.HK) as the sector reels from sweeping Chinese regulatory scrutinty.