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Indonesia: Pertamina Increases Income Targets (26/02/2013)

PT Pertamina has targeted net income of $3.05bn and revenues of $65.2bn for 2013, an increase on last year’s figure, the company’s President Director has announced.

Speaking in a hearing with Commission VII of the House of Representatives (DPR), Karen Agustiawan noted that the company expects to improve upon last year’s net income of $2.76bn despite continuing to suffer a loss on the sale of subsidised fuel. In 2012, Agustiawan said, the firm lost $120m on selling motor fuel below market rates and suffered a $541m loss on sales of LPG. "Without the losses, our net income in 2012 would be $3.42bn," she added.

Speaking for the Golkar party, Representative Dito Ganinduto said that the commission appreciated Pertamina's work in 2012. However, he said that Pertamina must be more serious to achieve the increased target of Improved Oil Recovery (IOR) and Enhanced Oil Recovery (EOR) in 2013."We have asked Pertamina to increase production from merger and acquisition," he remarked.

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