Pertamina trading unit to supply 20% of crude needs

Pertamina Energy Trading (Petral), the newly-formed trading subsidiary of the state-owned oil and gas company Pertamina, aims to supply around 20 percent of its parent?s oil crude needs under a long-term contract, according to the Suara Pembaruan daily.

The paper said that Petral was targeting to be able to supply around 250 thousand bpd of crude in 2002.

Petral will import the crude, is currently in negotiation with overseas crude producers.

The company will also supply other Pertamina needs.

Petral was previously known as Perta Oil, which was jointly owned by Pertamina (50%), Bob Hasan (25%), and Hutomo Tommy Mandala Putra, the youngest son of the country?s former president Soeharto (25%). Pertamina has acquired these shares and changed the name of the company into Pertamina Energy Trading.

In addition to jointing Pertamina tender, Petral also participated in business tenders offered by Aramco and Malaysia?s Petronas.(*)