(MENAFN) Local media reported that Indonesia plans a major expansion of oil storage and will construct more refineries as part of sweeping energy reforms, The Peninsula Qatar reported.
The country's president launched the overhaul of the scandal-tainted oil and gas sector by firing the entire board of state oil giant Pertamina and pledging a comprehensive audit of its trading arm Petral.
The plan will allow Southeast Asia's largest economy to shift from buying gasoline and diesel on the opaque spot market to stable long-term contracts with foreign producers.
"With limited storage, all you can do is buy on the spot market and then you are at the mercy of the market," a presidential adviser and former head of Pertamina said in a statement.
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