Aceh expects to receive more than Rp2.1 trillion from oil, gas sales in 2002

Aceh province will very likely receive more than Rp2.1 trillion (US$=Rp8,800 ) from the sales of oil and gas excavated from its soil in 2002, local daily Serambi Indonesia reported on Thursday.

The expectation was based on the fact that the province had received Rp1.71 trillion from quarter I to quarter three of 2002, the paper quoted as saying provincial secretary Setia Budi.

Setia said on Monday the amount was Rp537 billion in the first quarter, Rp 633 billion in the second quarter and Rp546 billion in the third.

The Rp2.1 trillion had been the estimate of Ministry of Finance, Setia said.

The improvement of oil and gas prices on the world market had been one factor behind their optimism that Aceh would receive more than Rp2.1 trillion in 2002.

Setia said that Aceh is entitled to 70 percent of the government?s shares from the sales of oil and gas from area fields as stipulated by existing laws.

Rich in oil and gas, Aceh is the home to one of the country?s most important liquefied natural gas (LNG) complexes, located in Lhokseumawe. State oil and gas firm Pertamina, ExxonMobil Indonesia, a subsidiary of American energy giant ExxonMobil Corp., and a Japanese consortium called JILCO jointly own the LNG complex. (*)