Indonesia seeks Russian oil for first time in years

Indonesian state-controlled refiner Pertamina has added Russian oil grades to its tender lists to buy September crude, three traders said on Monday.

According to Report, which cites Reuters, Pertamina has not purchased Russian oil for years, having taken a step back since the start of Russian-Ukraine military conflict in 2022, though Indonesia did not join Western sanctions against Russia.

Pertamina last purchased ESPO Blend and Sokol oil from Russia more than 10 years ago, LSEG data shows.

Western sanctions against the Russian energy sector, including an EU embargo on its oil and a price cap mechanism, have made China, India and Türkiye the main buyers of Russian oil.

Pertamina asked for Russian Urals oil along with sour grades Kirkuk, Jubilee, Al Shakheen and others for Sept. 15-17 arrival at its Cilacap refinery.

Pertamina also asked for Sokol oil among sweet oil grades such as Azeri BTC, El Sharara, Qua Iboe and others for arrival at Cilacap over Sept. 18-20. The Sokol is to be supplied under CFR or delivered at port (DAP) terms only, according to the tender.