PT Pertamina (persero) continued to make their marks by making net profit of USD 28 million through Q1 although Indonesia’s Oil gas Industry was losing steam due to low global oil price.
President of Pertamina Dwi Soetjipto stated that the company’s financial condition in the firs 3 months of 2015 had been strong and healthy. Company’s income was posted at USD 10.67 billion, with EBTIDA of USD 1.25 billion and bet profit of USD 28 million.
“Low global oil price today is really a hard challenge and calls for hard work to meet it, but thank God with strong determination to strive for the best, Pertamina managed to show positive performance and continues to strengthen” he stated in a press conference in Jakarta on Wednesday (29/4).
Pertamina scored oil production of 248.4 MBOPD and 1.63 BSFD in total oil gas production in Q1/2015. This production output was expected to increase in line with increased oil production output of Cepu block where Pertamina through its subsidiary company PT Pertamina EP Cepu commanded over participation right of 45%.
Meanwhile performance of transportation business and gas trading also showed up going trend. Gas transportation by Pertamina was posted at 1,414 mmcfd, while gas trading was 114.5 mmcfd, mostly triggered by Arun degasification operations and the Arun-Belawan pipelining.Performance of the downstream sector was also positive with main support from growing sales of non subsidized oil and Pertamina lubricant products. Completion of the Residual Fuel Cracker Cilacap and upgrading Lubricant plant of Q3/2015 was expected to jack up sales of non-subsidized oil.
Furthermore Dwi explained that beside positive performance in company operations, Pertamina was also enhancing efficiency with total value of USD 95.95 million. The efficiency with plan was made possible from oil renegotiation of oil production amounting to USD 27 million, reduction of cost fee and alpha importer after oil procurement process and oil production worth USD 50.154 million. The savings obtained from Excellence Marketing Operation Program amounting to USD 50.154 million. (SS)
Business New - May 6, 2015