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Indonesia : PERTAMINA could save US$20M in oil procurement through ISC unit
Publish Date : 01-Apr-2015
Indonesian state-owned oil and natural gas corporation, PT Pertamina (Persero) has announced that between January and February, it could save around Rp 260 billion (US$20 million) while purchasing crude oil and fuel through the Integrated Supply Chain (ISC) unit. Pertamina communication vice president Wianda Pusponegoro said the ISC had been implementing procurement programs of crude oil and fuel to reduce production costs according to the company's earlier plan.
Wianda said : "This could be proven from the efficiency value of crude oil and fuel procurement amounting to around $20 million during the period of January-February, or about $10 million per month. This is already in line with our target." She noted that the crude oil and fuel procurement's efficiency value through ISC was targeted to hit around $122 million or equal to Rp 1.6 trillion, by the end of this year.
She said : "In facing a situation in which the oil price is relatively low, the company has applied various initiatives for efficiency."
She added the efficiency steps taken by ISC include logistic arrangements by altering the importation pattern to only free on board (FOB) from earlier cost and freight (CIF), and also conducting budget efficiency measures from letter of credit costs.
A Pertamina-controlled arm, ISC replaces Pertamina Energy Trading Limited's (Petral) roles in the procurement of crude oil and fuel.
