Pertamina cancels CPD plan with Caltex

State oil and gas firm Pertamina said Sunday it cancelled crude processing deal (CPD) plan with Caltex Singapore.

?We cancel the deal because the fee they asked would make the fuel prices higher than spot market prices. Unless they lower down the fee, we will cancel the deal,? Muchsin Bahar, Pertamina?s upstream director told Suara Pembaruan daily.

Pertamina had been in talks with Caltex to process a deemed CPD of about 1.8 million barrels per month or 60,000 barrels per day (bpd)

He said Pertamina would still seek to process crude with other refineries that offered lower processing fee. (*)