Indonesia's oil import is predicted to soar to 700,000 barrels per day, placing the country at the risk of social and political unrest because oil has long become a sensitive commodity, local press said Tuesday.
With the assumed growth of 5 percent a year in oil consumption, the import will hit 700,000 barrels per day in the next three years unless the country builds more refineries to boost oil production, reported leading economic daily Bisnis Indonesia.
Under this scenario, the government will have to spend at least 42 million U.S. dollars per day on oil, it said, quoting an official with the Ministry for Economic Affairs.
Indonesia's oil import currently stands at between 300,000 and 400,000 barrels per day.
"We must take serious response to the refinery problem," deputy minister in charge of petroleum industry Mohammad Husen said.
The government has issued at least 19 licenses to build oil refineries but it is short of bidders.
Source: Xinhua
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