Fuel stock enough for 26 days: Purnomo

Indonesia has boosted oil products stocks to cover 26 days of consumption from around 24 days to meet growing domestic demand ahead of year-end festivities, Minister of Eenergy and Mineral Resources Purnomo Yusgiantoro said on Wednesday.

"We have increased oil products stock to 26 days in anticipation of Ramadan and the New Year," he told parliament's comission VIII which oeversees energy matters.

Ramadan is the Muslim fasting month, which began earlier this month. It ends with major festivities in early December.

Separately, Pertamina President Director Baihaki Hakim said the company had oil products storage capacity for 26 days, but that stock levels would be evaluated early next year.

"We will evaluate stock levels early next year, whether to maintain 26 days or not. High inventories mean high costs," Hakim told reporters.

He said Pertamina had estimated oil products consumption would be around 60 million kilolitres in 2003, compared with an estimated 58 million kilolitres in 2002.

Oil products output was estimated to fall to around 42.02 million kilolitres in 2003 from 46.66 million in 2002.

Pertamina plans to shut its 125,000 barrels per day (bpd) Balongan refinery in the middle of next year for maintenance for 50 days. Pertamina has nine oil refineries countrywide with a combined capacity of around one million bpd. (*)