Pertamina to maintain assets in East Timor

State owned oil and gas company Pertamina will continue to maintain its assets worth US$3.2 million in East Timor, and will continue to operate in the former Indonesian province as well despite the government?s plan to repatriate assets from the newly independent country.

Pertamina?s president director Baihaki Hakim said in Jakarta on Friday that the oil and gas company would continue to supply oil in East Timor, which consumes at least 60,000 barrels per day. "Pertamina faces no problem in distributing the duel there," he added.

Although many foreign fuel companies such as BP, Phoenix Fuel as well as local distributor East Timor Fuel have also entered the East Timor market, Pertamina is optimistic that it is able to compete with its stronger competitive edges.

He said that unlike in Indonesia, in East Timor the fuel was sold at international prices, giving the state owned and oil gas companies higher profits. In April. 2002, the price of aviation fuel was 40.1 US cent, gasoline (premium) 37.6 U.S. cent, kerosene 38.4 U.S. cent and diesel fuel 35.2 U.S cent.

In 2001 the sales volume reached 44,147 kiloliters for diesel oil or about 67 percent of the total sold in the country. The gasoline totaled 9,420 kiloliters, kerosene 742 kiloliters, while LPG reached 345 tons a year and lubricant totaled 237 kiloliters a year. (*)