Pertamina, Citibank offer online payment for aviation fuel purchase
Friday, June 29 2007 - 01:48 AM WIB
State-owned oil and gas firm PT Pertamina in corporation with Citibank to offer online purchasing aviation turbine fuel (Avtur) payment system in the country's major airports, Kontan reported Friday.
The internet-based online payment system will be provided by Citibank through its CitiConnect service. This payment system will be able to reduce the time needed by airlines to process the payment of the deposit for the Avtur purchase from 7-14 days to two days.
Vice president Pertamina aviation Haryoto Saleh said Avtur demand in 2007 is about 2.5 million kiloliters or worth of US$ 1.2 billion.
Rudi Tanjung, the director for cash management of Citibank said that Citibank is expected to channel the Avtur transaction about US$ 300 million in this year.
"With the online system, the transaction can be conducted only within 10 minutes," he told reporters following the signing of the agreement on the use of the CitiConnect payment system with Pertamina. (*)