Indonesia eyes Russian oil while balancing US partnership: Minister

Hinting at a pragmatic approach, he noted that the government is determined to make all-out efforts to ensure sufficient energy supplies for the nation, including through multiple bilateral deals.

“It should be noted that we require around 300 million barrels of crude oil annually. Therefore, we will seize every opportunity because it is important to pursue all options that serve national interests,” Lahadalia remarked at the Merdeka Palace, Jakarta, on Thursday.

He also highlighted Indonesia’s reliance on imports to cover a daily shortfall of around one million barrels, with domestic production at about 600,000 barrels per day against consumption of 1.6 million barrels.

“Global circumstances have prompted the government to identify alternative sources of oil, reaching out to more than one country,” he stated.

The minister made the remarks after briefing President Prabowo Subianto on progress in ongoing talks to import energy products from Russia amid mounting global supply risks.

Following bilateral engagements with Russian President Vladimir Putin in Moscow on April 13, Prabowo delegated Lahadalia to pursue follow-up talks with Russian Energy Minister Sergey Tsivilyov the following day.

Lahadalia noted that the ministerial meeting was productive.

“We will secure a crude oil supply from Russia. In fact, the Russian side has voiced readiness to help Indonesia build several key pieces of infrastructure to strengthen our energy reserves and security,” he told the press at the palace.

The minister also spoke of having initiated negotiations to import LPG from Russia, noting that it might take Indonesia two to three more rounds to seal a deal.

“As for talks on crude, I believe we are already at the final stage,” he added.

Related news: Indonesia near final deal to import Russian crude oil: Minister

Translator: Genta Tenri, Tegar Nurfitra