Indonesia is developing a special import scheme and regulatory framework to implement its plan to import 150 million barrels of Russian oil this year. This is reported by UNN with reference to Reuters.
Details
The announcement last month of the deal to import Russian oil, which is part of Indonesia's efforts to overcome shortages caused by the war with Iran, followed a meeting between President Prabowo Subianto and Vladimir Putin in Moscow.
At the same time, the Russian Ministry of Energy did not respond to a Reuters request for comment.
The entire process will be carried out in accordance with government directives, with priority given to the principles of good corporate governance and current legislation
Additional Information
According to Reuters, Russia exports about 5 million barrels of oil per day, mainly to China and India, and allocating such a large volume to a new buyer would mean redirecting oil from other markets, which could prove to be a difficult task.
Indonesia, which imports about 1 million barrels per day, will seek additional supplies even if Russian oil enters the market to bolster supply security, government officials said.
Jakarta is also seeking to import oil from other suppliers, including the United States.
Recall
Virtually all major oil refineries in central Russia were forced to stop or reduce production of fuel following attacks by Ukrainian drones.