Pertamina sees net profit double in 2006

State-owned oil and gas firm PT Pertamina said Wednesday its net profit is expected to reach Rp 22.4 trillion (US$ = Rp.10,050) next year, almost double from the estimated Rp11.3 trillion net profit for 2005, a company official said Wednesday.

?The sharp (estimated) increase in 2006 net profit is mostly due to expectations of an increase in our downstream business such as (fuel) distribution and sale services,? Pertamina's finance director Alfred Rohimone told reporters.

Alfred said that 90 percent of the forecast 2006 net profit will come from downstream business activities rather than upstream exploration, extraction and processing operations. (godang)