Energy trade between Russia and Indonesia has entered a new phase. Indonesian Energy and Mineral Resources Minister Bahlil Lahadalia announced in Jakarta on September 11 that the second phase of the Russian oil purchasing process had begun.
Lahadalia said supplies had initially been conducted through intergovernmental agreements, while the next phase would involve cooperation between the state and the private sector.
The minister said global conditions, economic viability and compliance with applicable rules were being assessed when selecting oil sources. He said energy supplies were being managed with the public interest and the principles of an independent foreign policy in mind.
Jakarta plans to buy 150 million barrels
Agreements on Indonesia's purchases of oil from Russia came onto the agenda after President Prabowo Subianto's visit to Moscow in April. Jakarta aims to gradually purchase approximately 150 million barrels of Russian oil by the end of the year.
Lahadalia, who announced that the first shipment of Russian oil had arrived in Indonesia on August 5, said work was also under way to prepare a long-term oil supply agreement between the two countries.