Jakarta, April 18 : Indonesia is exploring potential energy cooperation with Russia, including plans to develop oil refineries and storage facilities, the country's Minister of Energy and Mineral Resources, Bahlil Lahadalia, has said.

The initiative forms part of the government's broader efforts to strengthen national energy security and expand downstream capacity in the oil and gas sector.

The proposed cooperation is expected to support Indonesia's drive to boost domestic refining capacity and reduce reliance on imported fuel, Lahadalia said on Friday (Local time).

In addition to refinery development, Lahadalia noted that the inclusion of storage facilities would be strategic in enhancing national energy reserves and ensuring supply stability, particularly amid global oil market uncertainties, reports Xinhua news agency.

He added that the government remains open to foreign investment that aligns with national interests, especially in the energy sector.

"The potential partnership with Russia reflects Indonesia's strategy to diversify energy partners while accelerating infrastructure development to meet growing domestic demand," he said.

Meanwhile, the United States Department of the Treasury has extended a waiver permitting the delivery and sale of sanctioned Russian oil already loaded onto vessels, pushing the deadline to May 16, according to a document released on its official website.

The earlier 30-day waiver had expired on April 11.

The renewed license, issued on Friday (local time), is part of the administration's broader effort to stabilise global energy prices, which have surged amid the ongoing US-Israeli conflict with Iran.

The decision comes against the backdrop of several countries facing problems with the impact of rising energy costs and supply disruptions.

At the same time, the waiver continues to impose strict restrictions on dealings involving certain countries.

The move comes shortly after remarks by US Treasury Secretary Scott Bessent, who had indicated that Washington does not intend to continue such waivers indefinitely amid rising geopolitical tensions.

Meanwhile, global oil prices saw a sharp decline of around 9 per cent on Friday, settling near $90 per barrel after Iran temporarily reopened the Strait of Hormuz, a key global energy transit route.

However, the broader conflict has already triggered what the International Energy Agency described as the worst disruption to global energy supplies in history.

The war, which entered its eighth week on Saturday, has reportedly damaged more than 80 oil and gas facilities across West Asia.

/IANS