Shell Agrees Buy 100,000 Barrels of Gasoline from Indonesia's Pertamina Amid Shortage

ENERGY - JAKARTA. Fuel retailer Shell has agreed to buy 100,000 barrels of gasoline from Indonesia's state energy firm Pertamina, the country's deputy energy minister Yuliot Tanjung said on Tuesday, after months of unavailability for certain fuels.

Private retailers in Indonesia were told to import gasoline through Pertamina after the government capped their import quota for the year, leading to shortages across their petrol stations.

Read Also: Indonesia's Pertamina Offers Gasoline to Supply Shell, BP Stations

A Shell spokesperson told Reuters that discussions about base fuel supply from Pertamina were currently entering the final stage.

Yuliot told reporters that Shell had agreed to buy the oil but did not provide any other details.

Pertamina will also sell 100,000 barrels of gasoline to fuel retailer PT Vivo Energi Indonesia, an affiliate of Vitol Group, its trading subsidiary said on Monday.

Read Also: Indonesia Antitrust Agency Finds Risk of Monopoly from TikTok's Tokopedia Takeover

The move followed a deal with BP-AKR, operator of BP fuel stations, in late October where BP also bought 100,000 barrels of gasoline.

Next: GLOBAL MARKETS-Stocks Jump, US Yields Fall as Fed Rate Cut Bets Increase