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PT Pertamina strives to maintain the resilience of oil supplies in Indonesia. Pertamina will buy crude oil from Russia in September 2024.
Pertamina will import Russian Urals oil along with Kirkuk, Jubilee, Al-Shakheen sour quality crude oil to meet the needs of the Cilacap Refinery. In addition, Pertamina will import Russian Sokol which will arrive in Cilacap on 18-20 September 2024.
Corporate Secretary of PT Kilang Pertamina Internasional (KPI) Hermansyah Y Nasroen said Pertamina always purchases crude oil according to the specifications of each refinery and in accordance with applicable regulations. Including purchasing conditions using the price cap mechanism.
Referring to the Pertamina website, the fulfillment of raw material needs for refineries comes from domestic crude oil which is the result of Pertamina's domestic upstream sector production, the Government of Indonesia's share of crude oil, entitlement, and crude oil purchases from domestic Cooperation Contract Contractors (KKKS).
This oil and gas company owned by the Indonesian government also imports oil from Pertamina's upstream business lines overseas. Apart from that, Pertamina buys conditionally and spot from suppliers consisting of national oil companies, producers, and trading companies.
According to records, Pertamina last bought Russian crude oil from Espo Blend and Sokol 10 years ago. Pertamina's agenda to resume importing crude oil from Russia has been planned since 2022. At that time the plan was proposed taking into account price suitability.
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However, the plan was ultimately canceled. Recently, this plan has been brought up again because of the cheaper Russian oil prices, especially after the conflict between Russia and Ukraine.
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