Chevron eyes RI fuel retail market

American oil giant Chevron has expressed its interest to enter Indonesia's fuel retail market and to take part in the distribution of the country's subsidized fuel, Bisnis Indonesia reported on Wednesday.

Chevron's interest was unveiled by the company's representative Peter C. Chipman during a meeting between members of the chamber of commerce of the United States and Singapore with Minister of Energy and Mineral Resources Purnomo Yusgiantoro in Jakarta on Tuesday.

Purnomo said that Chevron considered Indonesia as one of the most promising fuel market in Asia. "But the company still needed to study the regulation before deciding its investment plan in the country's fuel retail market," he said.

The government abolished Pertamina's monopoly in the distribution of fuel in the country last year as part of the implementation of the new oil and gas law. The company was however appointed to distribute subsidized fuel until the end of this year.

Shell and Petronas are among the companies which have licensed to enter the fuel retail market. Shell plans to set up 600 fuel stations while Petronas has unveiled that it would open 200 fuel stations in the country's major cities. (*)