Petral upbeat revenue will reach US$1.2 billion

Pertamina Energy Trading Ltd (Petral) is upbeat its revenue from crude oil and fuel trading activities will reach US$1.2 billion this year, Bisnis Indonesia reported on Wednesday.

Petral?s president Soekono Wahjoe said in Jakarta on Tuesday the revenue mostly came from crude and fuel trading contracts with its parent company Pertamina and several foreign companies including ExxonMobil, Petronas, and Aramco.

"Next year Petral expects to book profit of about US$1.8 million,? he was quoted as saying. He believes the profit target could be achieved if all the existing contracts run as expected.

Besides its main activities of procuring crude oil and fuel for domestic use, Petral is also engaged in fuel blending activities.

Soekarno said he hopes next year the company would be able to supply crude oil and fuel products of about 250,000 barrels per day or about 60 million barrels a year. (*)