OIL is no longer a blessing for Pertamina. The skyrocketing price in the world market has made it difficult for the state-owned company to produce refined fuel oil (BBM). Today, oil consumption in Indonesia is 1 million barrels a day. Around 700,000 barrels come from Pertamina refineries in-country. The rest is, alas, imported.

According to Pertaminas calculations, with an average oil price of US$50 per barrel, every day it must inject fresh funds