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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