Pertamina has no yet to raise oil stocks

JAKARTA. State oil and gas company PT Pertamina has no plan yet to raise its crude stocks in the near future despite a recent drop in global oil prices.

"Our current stocks are enough to meet demand in 30 days. Whether or not the stocks will be raised depends on the need," Pertamina President Director Dwi Sutjipto said after meeting with Vice President Jusuf Kalla at the latter's office here on Tuesday.

After all, Pertamina will continue to import crude as domestic output falls short of the national needs, he said.

He said President Joko Widodo (Jokowi) has asked Pertamina to raise its crude stocks to the maximum possible level amid the declining global oil prices.

To build large crude stocks, a great number of oil refineries are needed, while it takes a long time to build refineries, he said.

"Therefore, we have to make maximum use of the available storage facilities at home and abroad," he said.

Pertamina will also cooperate with foreign vendors in building storage facilities and refineries in Indonesia, he said.

"What we are doing now is how to implement the instructions from the president yesterday and the vice president today so we can talk with our vendors including Saudi Aramco and other companies," he said.