Indonesia signs Russian crude import deal, first cargo expected within weeks

By Cepi Setiadi

Indonesia has signed an agreement to import crude oil from Russia, with the first shipment expected to arrive within the next one to two weeks, Energy and Mineral Resources Minister Bahlil Lahadalia said on Monday.

“From the deal side, it is done and the contract has been signed. We are now discussing the technical aspects of the shipment. It could be within the next one to two weeks,” Bahlil told reporters at the ministry’s office.

He did not disclose the volume of crude covered by the agreement or identify the supplier involved.

Bahlil said state energy company PT Pertamina (Persero) is also seeking crude supplies from multiple countries to strengthen Indonesia’s energy security and maintain competitive domestic fuel pricing.

According to him, Pertamina is exploring sourcing options not only from Russia but also from Angola, Nigeria, other African producers and the United States.

 “We are looking for crude sources across almost all parts of the world. Not only in Russia, but also in Angola, Nigeria, Africa and the United States,” he said.

Read also: Indonesia weighs import schemes for Russian crude supply

Bahlil said the government is evaluating various procurement options to determine the most economically efficient source of crude supply.

He added that diversification of supply is important to reduce dependence on a single supplier and minimize exposure to disruptions in specific markets.

The minister said crude procurement decisions would be based on global supply and demand dynamics, with the government selecting supplies offering the most competitive prices.

 “We will choose the most efficient price so that domestic prices remain competitive,” he said.

The move forms part of Indonesia’s broader strategy to maintain flexibility in crude procurement amid volatility in global oil markets while ensuring adequate feedstock supply for domestic refineries.

Editing by Alexander Ginting