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Indonesia's Pertamina plans gasoline imports of up to 11 mil barrels in Nov: sources

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Indonesia's Pertamina plans gasoline imports of up to 11 mil barrels in Nov: sources

Singapore — Indonesia's state-owned Pertamina plans to import around 10 million-11 million barrels of gasoline in November, stable to slightly lower compared with estimated imports of 11 million barrels in October, market sources said Thursday.

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"There is not much change in demand for Pertamina ... gasoline inventories are stabilized and [new purchase requirements] are to build up [stocks]," a source close to the matter said.

Pertamina is Asia's single-largest gasoline importer. News that planned imports will hold largely steady will lend some support to the regional market, which is seeing a seasonal fall in cracks and time spreads.

Market participants were unable to provide a breakdown of volumes by the octane grades.

However, Pertamina has raised its spot purchases of 92 RON gasoline for November compared with October. Based on open tenders seen by S&P Global Platts, Pertamina had so far this month sought 1.15 million barrels of 92 RON gasoline for November, compared with 200,000 barrels it bought for October.

"Pertamina needs spot [92 RON gasoline] cargoes because some of the term [cargoes] cannot match with the delivery date range," a source with knowledge of the matter said.

At the same time, its spot demand for 88 RON gasoline decreased from 390,000 barrels for October loading to none so far for November.

Pertamina is now seeking a 200,000-barrel cargo of 92 RON gasoline for loading over November 7-9 and a 100,000-barrel cargo for loading over November 2-4 from Singapore or Malaysia through a tender closing October 18, with validity until October 22.

It has earlier awarded a 100,000-barrel 92 RON gasoline cargo for loading over October 31-November 2 and a 250,000-barrel cargo for loading over November 12-14 from Singapore or Malaysia. Award details could not be confirmed.

Pertamina had also sought 500,000 barrels of 92 RON gasoline for loading from Singapore or Malaysia over November 1-3 or delivery to Tanjung Uban over November 4-6 through a tender that closed October 12, with validity until October 16. Results of the tender could not be ascertained.

--Jin Ming Lim, jinming.lim@spglobal.com

--Edited by Irene Tang, irene.tang@spglobal.com