Sources say that Pertamina Indonesia is looking for term jet fuel to be delivered in early 2025.

Pertamina, Indonesia's state owned energy company, is looking to buy at least 400,000 barrels (or equivalent) of jet fuel via its trading division for delivery between January 2025 and March 2025. Two sources familiar with the matter confirmed this on Thursday.

They said that the company was looking to purchase at least one 200,000 barrel cargo of aviation fuel each month, for delivery in January-February or January-March. The first two deliveries would be preferred to take place on Jan. 3-7 and Jan. 8-10, to Jakarta.

Offers are valid until December 19, but the tender will close on Dec. 13.

Pertamina purchased the last 200,000 barrels Dec. 11-13 Arrival Jet Fuel at a price premium of $1 to $2 per barrel compared to Singapore prices in mid-November.

One source said that this short-term demand was likely due to the expectation of lower local production as a result of maintenance plans at Pertamina’s refinery site and some stocking-up on firmer demands in late March following Ramadhan.

The trading arm of the company did not respond immediately to a question from. (Reporting and editing by Varun H. K.; Additional reporting by Fransiska Christina, Bernadette Nangoy; Reporting by Trixie Y.P.

(source: Reuters)