Pertamina to invest Rp 5.9 trillion in 2004
Wednesday, January 28 2004 - 12:50 PM WIB
?We will use the funds to boost our exploration activities this year. This goes in line with Pertamina?s strategy of making upstream sector as its core business,? Pertamina?s finance director Alfred Rohimone told reporters after attending the company?s general shareholders meeting.
The investment amount was mentioned in Pertamina?s 2004 budget plan ratified in the shareholders meeting.
The Rp 5.9 trillion is bigger than the Rp 4.7 trillion allocated by Pertamina for its 2003 investment programs.
Shareholders also targeted the company?s net profit at Rp 5.304 trillion this year, compared with last year?s Rp5.38 trillion.
Meanwhile, Pertamina said it was hopeful it would form two separate holding companies for upstream and downstream sectors within six months.
?We hope we shall be able to establish them in no more than six months,? upstream director Bambang Nugroho said.
The company made public last December its plan to form the holding companies, saying that the move was meant to support the operation of Pertamina as an ordinary limited liability company.
Pertamina?s business and resources development director Eteng A. Salam earlier said that the state company planned to form this year between five and nine subsidiaries for both upstream and downstream sectors.
Oil and Gas Law No. 22/2002 has divested Pertamina of its decades-long monopoly on the country?s oil and gas sector and made it an ordinary and profit making limited liability company. (godang)