403
Sorry!!
Error! We're sorry, but the page you were looking for doesn't exist.
Indonesia plans to increase oil storage, refining capacity
(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.
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.
Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept any
responsibility or liability for the accuracy, content, images, videos,
licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright issues
related to this article, kindly contact the provider above.
Comments
No comment