President inaugurates Pertamina's projects worth $15.8b

President Susilo Bambang Yudhoyono has inaugurated 8 big-scale projects worth Rp151.8 trillion (US$15.8 billion) belonging to the state oil and gas company PT Pertamina, which hopefully will help strengthen the company's foundation to become the world class energy champion by year 2025.

The inauguration, held on Thursday in conjunction with Pertamina?s 55th anniversary, was conducted on board of KRI Makassar while it was approaching the Floating Storage and Regasification Unit (FSRU) in Jakarta Bay. The ceremony was also attended by Pertamina President Director Karen Agustiawan and a number of ministers.

Karen noted that the 8 big-scale projects included the enhanced oil recovery (EOR), Gas Processing Plant in Sungai Kenawang and Pulau Gading worth US$325 million, and NGL Plant Perta Samtan Gas worth US$193 million.

The EOR technology had been implemented by Pertamina EP, Pertamina Hulu Energi, and Pertamina EP Cepu with total investment value of US$15 billion. The EOR technology will increase Pertamina's production to 80,000 barrel of oil equivalent per day (boepd) in 2025.

The Gas Processing Plant in Sungai Kenawang and Gading island with investment value of US$325 million will provide an additional production of 26,000 boepd.

The other projects are the FSRU infrastructure project in West Java with a total investment of US$93.28 million, LPG terminal in Tanjung Sekong with capacity of 10,000 MT and total investment of US$35 million, gas fuel station (SPBG Coco) at an investment of US$3.7 million, tanker operation with an investment of US$78.8 million, and PLTP Ulubelu Unit 1 and 2, a renewable energy project, with an investment of US$114 million.

?We?re ready to become the locomotive of Indonesia incorporated, cooperating with other state firms in developing Indonesian economy,? said Karen.

Editing by Benget Besalicto Tnb.