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ChevronTexaco Eyes Indonesian Market

US oil firm ChevronTexaco has applied the Indonesian government for a license...

US oil firm ChevronTexaco has applied the Indonesian government for a license to import and sell fuels as Indonesia opens up its fuel retailing industry to competition.

Indonesia is opening the industry to competition after ending state-owned PT Pertamina's monopoly on fuel sales. The company's role in fuel distribution will be handed over to market regulator BP Hilir Migas, which oversees the sale of refined oil products in the country, in November 2005.

Malaysian state oil company Petronas and Royal Dutch/Shell Group with and BP Plc., have secured licenses to import and sell fuel in Indonesia.

BP focuses on selling aviation fuel and fuel oil, while Shell and Petronas intend to sell high- octane gasoline.