Pertamina welcomes foreign competitors
Wednesday, September 7 2005 - 12:50 AM WIB
President of state-owned oil and gas company PT Pertamina, Widya Purnama, said Tuesday the company welcomes foreign competitors to operate in the downstream sector of Indonesia's oil industry, Petromindo.Com reported.
If Shell, Conoco, or Chevron build oil refineries in the country Pertamina will not find it difficult to meet the domestic oil fuel requirement, Widya told legislators in a meeting.
Pertamina, therefore, will not be the only one to blame in the event of a shortage in supply, he added.
He said, five years ago it was not very difficult for Pertamina to keep stock for 30-40 days, but now it has only stock enough for 21.7 days.
He said the country produces only 1.05 million barrels of crude oil as against a domestic requirement of 1.15 million barrels per day.(dino)