Indonesia: Pertamina Targets Profit of Rp23.5tr for 2012
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Thursday, 22 December 2011 |
State-owned oil and gas firm PT Pertamina has set a target of RP 23.5tr in net profits next year. The figure, if achieved, would mark a 32% leap from 2011’s target of Rp 17.7tr, reflecting strong performance in the year to date.
The company currently expects its net profits for 2011 to reach Rp 20.7tr, 16% higher than the target announced at the beginning of the year. The profit was achieved despite costs of Rp 640bn from the sale of subsidised fuel and Rp 4.9bn from selling LNG.
The company plans to produce 532,700 bpd equivalent of oil and gas in 2012, and has also set ambitious goals for the downstream sector. Lubricant sales of 596,000 kilolitres (an increase of 5.4% on current 2011 estimates) and non-subsidy fuel sales of 1.7m kilolitres (up 21% on the 2011 target) have been projected.
Pertamina has allocated Rp 52.8tr to expand the business, of which 20% will be allocated to the downstream sector.
PetrolWorld 22122011
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