LogIn LogOut

Pertamina, Petronas Swapping Crude Oil

February 18, 2020

Illustration only: Kike FPSO - Image by Mikhail Petrov - Marine Traffic
Illustration only: Kike FPSO - Image by Mikhail Petrov - Marine Traffic

Indonesia's state-owned oil and gas company PT Pertamina signed a framework agreement with Malaysia's Petronas to sell and buy crude this year, Pertamina said in a statement on Tuesday.

The agreement is a follow up to their plan last year to swap crude, Pertamina said. Pertamina will swap crude produced in its Malaysian fields of Kikeh, Kimanis and Kidurong with crude from Petronas' Indonesian fields of Jabung and Ketapang.

The deal is aimed at cutting logistical costs for each of the companies by transporting their crude oil to refineries closer to the fields.

Under the new agreement, Pertamina will also buy around 600,000 barrels per month of gasoline from Petronas worth around $500 million. 

(Reporting by Wilda Asmarini; Writing by Fransiska Nangoy; Editing by Edmund Blair)



Current News

Israel and Four Arab States Discuss Energy Sector

Israel and Four Arab States Discuss Energy Sector

Ex-Petrofac Exec Pleads Guilty to Bribery Offenses

Ex-Petrofac Exec Pleads Guilty to Bribery Offenses

U.S. Blacklists China's CNOOC over South China Sea Actions

U.S. Blacklists China's CNOOC over South China Sea Actions

MOL, Bombora Targeting Wave Energy Opportunities in Japan

MOL, Bombora Targeting Wave Energy Opportunities in Japan

Energean Sanctions Karish North Gas Field Project. Gets $700M Loan

Energean Sanctions Karish North Gas Field Project. Gets $700M Loan

China's 2020 Crude Oil Imports Hit Record

China's 2020 Crude Oil Imports Hit Record

Malaysia: Shell, Dayang Pen Accommodation Workboat Deal

Malaysia: Shell, Dayang Pen Accommodation Workboat Deal

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com