Pertamina plans to develop several strategic projects in 2004

State-owned oil and gas firm PT Pertamina planned to undertake a number of strategic projects during 2004 in order to boost its profit, Investor Indonesia, Harian Ekonomi Neraca and Koran Tempo newspapers reported on Thursday.

The projects include Cepu oil and gas field, Wayang Windu power plant, Sarula geothermal plant and Dieng Patuha plant.

“These projects will be included soon in the 2004’s annual work plan,” Pertamina president director Ariffi Nawawi said in Jakarta on Wednesday.

Ariffi said the benefits of these projects will only be visible in three to four years.

As per the work plan, Pertamina, in fact, will concentrate on upstream sector because it will be more profitable. It would seek strategic partners to develop these projects, Ariffi said.

According to him, Pertamina can raise funds to finance the above strategic projects through corporate borrowing, capital markets or by setting up partnerships with other companies.

Pertamina could also use its own cash to finance its projects, he said. (*)