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Indonesia needs US$1.8b to develop 15-day strategic petroleum reserves
[JAKARTA] Indonesia needs US$1.8 billion to develop a 15-day strategic reserve of crude and fuel, which it must develop over the next two to three years, the energy minister said on Tuesday.
"We are requesting an allocation of funds for the next two-to-three years," Energy Minister Sudirman Said told a parliament hearing, noting that the reserves would comprise 39.7 million barrels of crude and refined fuel products.
Mr Said said the government was in discussion with producers on utilising idle storage capacity to hold oil it has purchased while developing the country's own storage tanks.