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View all search resultsThe shuttering will likely add to supply anxieties as shipping through the Strait of Hormuz, through which around a fifth of global oil consumption flows, grinds to a near-halt after vessels were attacked around it on Sunday.
The newly installed finance minister has taken the state-owned energy giant to task for failing to develop any new refineries in the seven years since it pledged to build seven such facilities, burdening the state budget and dragging the government's energy independence efforts.
Russian Ambassador to Indonesia Sergei Gennadievich Tolchenov reasserted the country's readiness to advance energy cooperation with Indonesia, including through investments in and trade of oil and gas as well as assisting in building nuclear power plants.
The move to redirect some crude oil initially allocated for export may increase the oil and gas trade deficit, experts warn, urging the government to diversify the downstream oil and gas industry in order to offset potential revenue losses from reduced exports.
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