Pertamina sets net profit target for 2011 to Rp21 trillion

The state-owned oil and gas company, PT Pertamina, through its Chief Spokesman Mochamad Harun, said that the Indonesian company’s Rp21 trillion US$ 2.3 billion) net profit target for 2011 is realistic considering that the company had net profits of Rp19.45 trillion (US$2.1 billion) during the third quarter of 2011. “From January to September, our revenues reached Rp432.2 trillion (US$48.3 billion),” he added. Harun attributed the high profits to the weakening of the rupiah, higher oil prices and higher operating margins. The company also reported that it produced 52.4 million barrels of oil, equivalent to 191,000 barrels per day (bpd), and 412 billion standard cubic feet of gas or the equivalent of 1,510 million standard cubic feet per day. Pertamina expects oil production to reach 195,000 barrels per day by the end of 2011, because of increased production from the West Madura offshore block. The company dominated the national aviation fuel market this year and penetrated other markets including Bangkok, Hong Kong, Dubai, Kuala Lumpur, Jeddah and Singapore. In 2011, Pertamina entered the global market for lubricants and exported to 18 countries. “With those achievements and the efficiency strategy that we have implemented, we’re optimistic that our net profits can hit Rp21 trillion (US$2.3 billion) by the end of this year,” Harun said. (December 10, 2011)