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
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