Pertamina cancels crude processing plan

The state-owned oil and gas company Pertamina has dropped its plans to seek a crude processing deal in Singapore, according to a company official, saying that such a deal does not give much benefit to the company at the moment.

The Tempo daily quoted Pertamina downstream director Muchsin Bahar as saying that Pertamina would continue to ensure domestic fuel supply through a combination of crude and product imports.

Oil and gas giants BP Plc. and Shell have earlier expressed interest to join the crude processing contract. A tender for the contract was supposed to be held last month.(*)