Pertamina to boost spending to US$9.7 billion in 2015

Indonesia’s state-owned oil and gas company, PT Pertamina, aims to boost net income to Rs709 trillion (US$78.7 billion) by 2015 and net profit to Rs54.2 trillion (US$6.0 billion), according to Mohammad Harun, senior vice president for corporate communication. He said the company is projecting average yearly growth of 13.3% for oil production to 776.3 million barrels of oil equivalent per day and as much as 45.6% for gas production to 74.3 million tons through 2015. Harun said Pertamina was also looking into renewable energy resources, especially geothermal and coal methane gas, while tapping into its profitable downstream business, such as lubricants. Pertamina will start construction of a new unit at its Balongan refinery in East Java in 2012, he said. Production from the new unit is about 200,000 barrels per day. By 2015, Pertamina refineries will produce 93.6 billion liters of oil products. Investment will grow from Rs37.1 trillion (US$4.1 billion) in 2011 to Rs88.1 trillion (US$9.7 billion) in 2015. (August 20, 2011)