Indonesia eyes massive Russian oil import plan but faces slow start

Indonesia is working on a special import scheme and regulatory framework to fulfil its plan to import 150 million barrels of crude from Russia this year, an official said, with data showing only one shipment has reached the country so far.

Last month's announcement of the Russian import deal, which is part of Indonesian efforts to offset shortages resulting from the Iran war, came after President Prabowo Subianto met President Vladimir Putin in Moscow.

Even with a framework in place, the target is seen in the market as ambitious, as in order to deliver 150 million barrels between mid-year and the end of January would require shipments of roughly 700,000 barrels per day, approaching the amount of crude Russia sends to buyers such as Turkey.