Oil exports set to drop but imports rise
Oil exports set to drop but imports rise
JAKARTA (JP): State-owned oil firm Pertamina estimates that
Indonesia's oil exports will decline next fiscal year while oil
imports will soar.
The company's president, Faisal Abda'oe, told a hearing of the
House of Representatives' energy commission yesterday that
Indonesia's exports of crude oil and condensate are forecasted to
decline to 286.6 million barrels, valued at US$4.73 billion, next
fiscal year from the projected 300.9 million barrels at $5.1
billion this fiscal year, which will end next month.
Abda'oe noted that the projection is based on a crude oil
price of $16.50 per barrel for next year, while the average price
of crude for the current fiscal year is $16.96 a barrel.
Japan imports 43.2 percent of the crude and condensate, while
exports to China are estimated at 14.5 percent, South Korea 10.2
percent, the United States 8.2 percent, Singapore 7.9 percent and
Australia 7.8 percent.
Exports of oil products next fiscal year are expected to reach
66.1 million barrels worth $1.1 billion, down from the projected
77.6 million barrels worth $1.3 billion for the current fiscal
year.
Imports of crude oil are estimated to reach 62.4 million
barrels valued at $1.1 billion next fiscal year, up from the
projected 59.1 million barrels at $1.07 billion this fiscal year.
The crude oil imports come from the Middle East, Malaysia,
Australia, China, Brunei, Vietnam and a number of African
countries.
Imports of oil products are predicted to soar to 64.5 million
barrels, worth $1.34 billion next fiscal year from 53.7 million
barrels worth $1.18 billion this fiscal year.
Countries supplying oil products to Indonesia include
Singapore, Malaysia, Australia as well as Middle East and
European countries.
In addition to imports of crude oil and oil products,
Indonesia is projected to import $4.05 billion worth of services
in the oil sector and another $627 million in capital goods
related to the oil industry.
"The oil industry is a technology-intensive industry, and thus
imports of both services and goods in the oil sector are still
needed," Abda'oe said, referring to the commission's concern over
the high import content in the oil industry.
Contrary to the increasing oil imports, the domestic
consumption of oil fuel is projected to decrease by almost 50
percent this fiscal year to 20.6 million kiloliters from 41.2
million kiloliters last fiscal year.
The domestic consumption of fuel by economic sectors has
experienced declines, thanks to the government's energy
diversification program.
The transportation sector is projected to consume 9.3 million
kiloliters of fuel this fiscal year, down from 19.2 million
kiloliters in 1994/1995; the industry sector is to consume 5.2
million kiloliters, down from 9.7 million kiloliters; the
households are to consume 4.3 million kiloliters, down from 8.9
million kiloliters; and the power generation sector is expected
to consume 3.7 million kiloliters, down from 3.4 million kilo
liters. (rid)