RI to halve fuel imports

RI to halve fuel imports

SINGAPORE (Reuters): Indonesian state-oil monopoly Pertamina is expected to halve its September fuel oil imports to between 600,000-800,000 barrels, traders said yesterday.

"Indonesia's September imports will be less than August, around 600,000-800,000 barrels, but it is still something," one regular supplier to the financially crippled country said.

After a lapse of several months, Pertamina bought 1.2 million barrels of fuel oil for delivery in August at around US$4.50 per ton above spot Singapore prices on a cost-and-freight Indonesia basis, traders said.

Traders said Indonesia's purchase for the second-month in a row is a much needed boost for the market amid significant slowing down of regional demand.