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Jakarta Post

‘We have many tanks to fill’: Indonesia to make the most out of globally low oil prices

The Jakarta Post Image
Pertamina president director Nicke Widyawati (right) fills up a car in Tasikmalaya, West Java, in this undated photo. Nicke said low oil price will be good for Pertamina as it would buy the commodity at a cheaper price.(Antara/Adeng Bustomi)
Norman Harsono
Jakarta   ●   Tue, March 10, 2020

Indonesia aims to make the most out of falling global crude oil prices by fulfilling domestic oil demand without swelling the country’s gaping and growing trade deficit.

The Energy and Mineral Resources (ESDM) Ministry acting oil and gas director general Ego Syahrial said on Monday that the government expected Indonesia’s top oil company, state-owned Pertamina, to “buy as much oil as it can,” preferably under long-term purchasing contracts, while global prices are flat out at a four year low.

“Oil prices have plunged, we should enjoy it,” he told reporters in Jakarta, “We have many tanks to fill.”

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