Govt reimburses Rp 3.3 trillion to Pertamina

The government has reimbursed Rp 3.3 trillion ($347 million) to cash-strapped state oil firm Pertamina for oil products procurement in the January to May period, Reuters reported on Monday citing chief economics minister Aburizal Bakrie as saying.

Traders have said Indonesia's cash-strapped Pertamina has yet to issue a monthly import tender for June oil products as it faces delays in the delivery of some prompt supplies due to late payments.

"Today we reimbursed Rp 3.3 trillion to Pertamina," Bakrie told reporters following a meeting of cabinet ministers at the vice presidential office.

Bakrie also said the government expected oil prices to average $50 per barrel for the rest of the year, against $35 previously forecast by the government.

He said the rupiah currency was seen averaging 9,300 against the dollar compared to a previous forecast of 8,900.

"The government will calculate from now until the end of December that the oil price will be $50 per barrel, and the rupiah at 9,300 per dollar, so that we can calculate (Pertamina's) cash flow needs every month," Bakrie said.

The government had said it wants Pertamina to buy more crude from contractors operating in the country to curb its dollar buying and help support the ailing rupiah currency, which sank to a three-year low around Rp 9,800 late last month.

The rupiah has since firmed up to around 9,500 per dollar. (*)