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Indonesia to buy16 lakh barrels of oil in September
REUTER
Singapore: Indonesia's state-owned Pertamina has bought by tender so far 800,000 barrels of fuel oil for September delivery and was seeking to buy up to another 800,000 barrels, traders said on Friday. They said the cargoes were purchased at premiums of about $1.00 per tonne above prevailing Singapore spot quotes on a free-on-board (FOB) basis. Traders said among the sellers were BP, Petco Trading and Marubeni, but this could not be confirmed.Officials from the companies could not be reached for comment. Pertamina is still in talks with other potential sellers to buy another three-to-four 200,000 barrel cargoes. The talks come amid tight domestic supplies arising from lower operating rates at the Balikpapan refinery after a fire on Monday, as well as the planned shutdown of a crude unit at the Cilacap refinery in September. Copyright © 2000 Indian Express Newspapers (Bombay) Ltd.
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