Pertamina offers to acquire Petronas’ retail outlets in Indonesia
Indonesia’s state-owned oil and gas company, PT Pertamina, has made an offer to acquire the retail outlets owned by Petroliam Nasional Berhad (Petronas) in Indonesia. Malaysia’s state-owned oil and gas company Petronas had announced that it would sell 15 of its 19 retail fuel outlets, mostly located in the capital Jakarta, due to sluggish sales.
Petronas, along with PT Shell Indonesia, Total Oil Indonesia, as well as Pertamina, have competed in the non-subsidized fuel market, which accounts for 15% of Indonesia’s fuel market.
The much larger subsidized fuel market has been shared by Pertamina, Shell, Petronas, as well as a number of other smaller companies, with Pertamina being the dominant player.
(April 3, 2013)