Insurance premiums for crude shipment from Kuwait rise by 1.5%
Friday, April 4 2003 - 10:06 AM WIB
State oil and gas firm Pertamina said Friday that insurance premiums paid for tankers transporting crude oil from Kuwait to Indonesia had increased from 0.5 percent to 2 percent per trip including a 7-hour loading, a company official said.
The Iraqi war had caused shipping insurers to hike premiums, Pertamina?s downstream director Muchsin Bahar told reporters.
Chartered long-range crude carriers, or crude VLCCs, transport Arabian Light Crude from Kuwait to Indonesia. Kuwait and Saudi Arabia supply the crude.
Pertamina-operated Cilacap and Balongan refineries, in Central Java and West Java, respectively, distill the Arabian Light Crude. (godang)