Pertamina sells extra crude from Cilacap<\/p>\n
SINGAPORE (Reuter): Marketing affiliates of Indonesia's state
\noil firm Pertamina have sold Cilacap refinery's surplus crude
\noil, trade sources said.<\/p>\n
Cilacap has been shut since last Tuesday after fire damaged
\nsome storage tanks. Some sources said most allocations by
\nPertamina to the affiliates had found buyers for prompt loading,
\nand at respectable premiums considering the nature of the sales.<\/p>\n
The sources said Pertamina had to dispose of 700,000 barrels
\nof Belida, 600,000 barrels of Arjuna, 300,000 barrels of Attaka,
\n330,000 barrels of Minas and 300,000 barrels of Arun.<\/p>\n
Sources said Belida was traded at Indonesian Contract Price
\n(ICP) plus 30-35 cents a barrel and Arjuna at ICP plus 15 cents.
\nPremiums for the surplus crude were about 10 cents under what
\nIndonesian crudes could have achieved in normal circumstances,
\nthey said.<\/p>\n
Buyers were mostly major oil companies purchasing for regional
\naffiliates and Asian refineries.<\/p>\n
Cilacap is expected to stay shut for two to three weeks after
\na fire damaged seven tanks out of a total of 156 tanks at the
\nrefinery.<\/p>\n
Cilacap has a 100,000 bpd crude distillation unit (CDU)
\nrunning on Saudi light and Iran light crudes and a 200,000 bpd
\nCDU running on indigenous crudes.<\/p>\n
The allocations by Pertamina amounted to over 10 days of
\nprocessing at Cilacap's 200,000 bpd CDU.<\/p>\n
\"The deals done are the initial first action. Pertamina will
\nnow have time to decide on other options,\" an Asian trader said.
\n\"Crude demand has not been filled up in Asia, so it was able to
\nabsorb Indonesia's barrels.\"<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/pertamina-sells-extra-crude-from-cilacap-1447893297",
"image": ""
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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