Speaking here on Wednesday, the minister stated that the storage facility will be designed to store a variety of oil types.
He noted that the government's plan to erect the facility is also driven by the fact that Indonesia has been importing 60 percent of its fuel from Singapore despite the latter not possessing any oil fields.
"Singapore does not have oil, but Indonesia imports 60 percent of its oil from the country. This is utterly mind-blowing to me," he said.
According to Lahadalia, in the event of war, Indonesia's oil reserves may last only 21 days at the current capacity.
Earlier in Jakarta on October 14, 2024, the minister highlighted that the Indonesian government is aiming to make the most of existing oil fields to cut imports of crude oil, whose value has reached around Rp500 trillion (US$31.4 billion) per year.
To achieve that end, the government will also pursue the reactivation of oil fields that have been lying idle, he said.
He noted that as per data from the Ministry of Energy and Mineral Resources, Indonesia is home to nearly 45 thousand oil fields, of which 16,600 are considered idle.
Of the large number of idle fields, around five thousand have the potential to be optimized to boost national oil production.
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Translator: Ahmad M, Tegar Nurfitra
Editor: Tia Mutiasari
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