Pertamina in talks with Algeria?s Sonatrach to supply crude
Tuesday, April 30 2002 - 02:31 AM WIB
State oil and gas company Pertamina is negotiating with Algerian hydrocarbon giant Sonatrach a deal to import 1 million barrels per month of crude oil this year, a senior company official was quoted by Reuters as saying.
Pertamina's Chairman Hakim Baihaki told Reuters the talks were 'at their final stage' to clinch the contract which would last at least one year.
'We are ready to start lifting 1 million barrels per month of Algerian Saharan Blend crude on June this year depending on Sonatrach's capacity to supply this quantity,' he said.
The official added that Sonatrach and Pertamina were also studying the feasibility of a joint project that would include the construction of a crude storage facility in Indonesia to receive the Algerian oil. The North African country is bound by an OPEC production quota of 693,000 bpd under new output limits issued by OPEC in December to help prop up sagging oil prices.(*)