Pertamina seeks crude storage partners

Indonesia

JAKARTA, July 5, 2016 – Indonesia’s Pertamina is seeking to build up its strategic petroleum reserves, and looking for partners to achieve the goal of some 25 million barrels in storage, a company official said on Tuesday.

More than half of the targeted volume, around 60%, will be sourced from domestic output, with the rest to be supplied by one or more partners. “The third party will provide the crude. We plan to select partners after Eid al-Fitr,” processing director Rahmad Hardadi said, adding that construction would take between 1.5 and 2 years.

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