RI allocates 210,000 bpd of crude oil

RI allocates 210,000 bpd of crude oil

SINGAPORE (Reuter): Indonesian state-owned oil firm Pertamina has allocated about 210,000 barrels per day (bpd) of crude oil to its marketing affiliates in February against 230,000 bpd in January, trade sources close to Pertamina told Reuters yesterday.

"The total allocation to all its marketing affiliates, including Japanese traders Mitsubishi and Itochu, is about 210,000 bpd," a source at one of Indonesia's marketing affiliates said.

"In February, the crude oil allocation to Japan is slightly more, but unfortunately, it still falls short of demand."

According to sources, allocation to Japan was higher in February due to the merger of Indonesia's two Japanese affiliates, Japan Indonesia Oil (JIO) and Far East Oil (FEO) to a new company called Pacific Petroleum and Trading Co. Ltd., effective Jan. 1, 1996.

In January, Indonesia still continued to allocate its two Japanese affiliates separately, amounting to about 70,000 bpd.

Sources added that in February, Indonesia's allocation of Minas crude to Japan was less than January mainly due to the increase in domestic refinery runs in Indonesia.

February allocations of key export crudes like Minas is slightly below the 75,000 bpd seen in January, while Duri is said unchanged around 45,000 bpd.

Pacific Petroleum and Trading Co. Ltd. was heard requesting for an export volume from Pertamina which reflects the total amount JIO and FEO received before the merger.