Pertamina revises down 2010 investment target

State oil, gas firm PT Pertamina (Persero) has revised down its investment target by Rp 18.6 trillion (1US$ = Rp 9,000) or about 42 percent of the initial target due to delay of some projects and stronger rupiah.

Pertamina's director for investment and risk management Ferederick ST Siahaan said Tuesday the company planned to slash its investment target from Rp 44.6 trillion to Rp 26 trillion. "This is due to some external factors, including currency and the government?s decision delay in some projects," he said.

He said that the government's late decision in some important projects, including the Donggi Senoro LNG project, Cepu block and revamping of Cilacap refinery, also contributed to the lower realized investment.

"Previously, we estimated that the decision on the Donggi Senoro project would be made in January of February, but this has not been signed until today," he said. (godang)