Indonesia's Pertamina looks to India to process Iraqi crude
[JAKARTA] Indonesian state-owned energy company Pertamina hopes to seal a deal this year with an Indian refiner to process around 1 million barrels of Iraqi crude oil each month, its chief executive said. "It is better if we purchase the crude and then utilize a refinery overseas," Pertamina CEO Dwi Soetjipto told reporters late on Monday. "Why India? Because its geographic location is good," he said. Any crude shipments from Iraq would pass several Indian oil ports on the way to Indonesia.
Mr Soetjipto declined to say which Indian refiner Pertamina was talking to on the oil processing deal.
Pertamina's monthly Iraqi oil shipments to the Indian refiner would consist of 290,000 barrels from a stake in the West Qurna block and another 700,000 barrels it would purchase from other Iraqi oilfields, he said.
Pertamina has about 1 million barrels per day (bpd) of domestic refining capacity, which meets only about two-thirds of Indonesia's daily oil consumption.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Energy & Commodities
Saudi Arabia hikes oil selling prices for all grades to Asia
BHP’s biggest rivals sit on the sidelines of Anglo M&A drama
ExxonMobil to take 18 to 24 months to hit full stride with Pioneer purchase
Oil settles down on US jobs data, steepest weekly loss in three months
Glencore Group nears deal for Shell’s Singapore oil refinery
Opec+ may need to tackle oil capacity conundrum next month