Pertamina considers spot scheme in sales of gas

State oil and gas company Pertamina considered the use of the spot market scheme in the sales of natural gas from production sharing partners to its liquefied natural gas (LNG) producers, President Director of Pertamina Baihaki Hakim said on Friday.

?The use of the spot market scheme is growing,? Baihaki said following a meeting with Minister of Energy of Mineral Resources Purnomo Yusgiantoro. The use of the spot scheme, besides, could prevent being lost or destroyed in a fire incident or other similar events, would be more practical for both Pertamina and its production partners.

Baihaki said that Pertamina and Petronas of Malaysia were currently considering the use of the spot scheme. ?In addition, we have also received a proposal from Elpaso Energy.

?The memorandum of understanding is now being discussed,? he added.

At present financial giant Merrill Lynch is acting as the trustee for the payment of Indonesia?s LNG exports. The export payment is tied with the payment for the natural gas sold by PSC contractors to Pertamina?s LNG plants.

The trustee contract and other important export documents owned by Pertamina, which were kept at Merryl Lynch?s office in the World Trade Center in New York, which were leveled to ground several days ago due to airline attacks. The documents were also burned. (Godang)