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NEWS UPDATES 18 August 2010

LPG losses hit Pertamina profits

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State oil and gas company PT Pertamina may revise its targeted profit increase for 2010 due to increased losses from the sales of non-subsidized liquefied petroleum gas (LPG), a senior executive said.

The government, a Pertamina shareholder, previously requested that Pertamina target to increase its net profits almost 50 percent to Rp 25 trillion (US$2.7 billion) in 2010, up from Rp 17 trillion a year earlier, company spokesman Muhammad Harun said.

He declined to mention a new profit target, saying the figure might be quite close to last year’s goal.

Harun said that the company was previously optimistic that it could achieve its profit target since Pertmina had planned to raise the price of 12–kilogram gas canisters. That plan has been delayed due to legislative opposition.

Pertamina lost between Rp 1.5 trillion and Rp 2 trillion during the first semester of this year from the sales of 12-kilogram LPG canisters and total losses might reach Rp 4 trillion.

The loss occurred because LPG in 12-kilogram canisters is sold under its economic price.

Pertamina currently produces 432,000 barrels of oil equivalent per day (boepd) and previously said it would increase production to 700,000 boepd by the end of 2014.

The company’s Rp 25 trillion net profit target was based on an $80 a barrel Indonesia Crude Price (ICP) with a rupiah-US dollar exchange rate of Rp 10,000.

State-Owned Enterprises Ministry secretary Said Didu declined to comment on Pertamina’s plan but said that several state companies had lowered their profit targets partly due to the strengthening of the Indonesian currency and the decline in production.

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