BPMIGAS to sell 1 million crude stock

BPMIGAS, the upstream oil and gas regulator, will sell about one million barrels of government-owned crude stock in June to capitalize on the rising price of the commodity on the world market.

Normally, BPMIGAS sells the government's oil production share at the end of each year.

R. Priyono, the head of the agency, said on Thursday that BPMIGAS would sell the crude above the Indonesian Crude Price (ICP) assumption. The measure will strengthen this year's state budget, he said.

He also said that the release of the crude stock would ensure that the monthly oil lifting target of 960,000 barrels per day can be met in June.

?With the release in the stock, there will be additional supply of about 30,000 barrels per day to the total daily production,? he said.

Meanwhile, Minister of Energy and Mineral Resources Purnomo Yusgiantoro said that the government had no plans to increase prices of subsidized fuels despite the rise in crude oil prices in the world market. (godang)