Indonesia’s state-owned oil and natural gas corporation, Pertamina, is set to purchase Russian oil for the first time in over a decade, according to Reuters. Despite the country’s withdrawal from buying Russian oil after the Ukraine invasion in 2022, it did not partake in Western sanctions against Moscow.
Pertamina has included Russian oil grades Urals and Sokol in their tender lists for purchase in September. The results of the tenders are yet to be announced, with one closing last week and another on Monday.
President Joko Widodo of Indonesia expressed interest in buying Russian oil along with China and India months after the invasion. Moscow has rerouted its oil exports through neutral countries due to EU embargoes and price caps on Russian crude.
Pertamina is considering purchasing Russian oil only if sold under the price cap regulation. In 2022, the company reviewed the risks of buying Russian oil after being offered a 30% discount on the crude.