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NEWS UPDATES 1 September 2010

Pertamina reduces 2010 investment

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Indonesia’s state oil and gas company PT Pertamina has revised its investment target by Rp 18.6 trillion (US$2.06 billion) or nearly 42 percent of the initial target due to the stronger rupiah and the delay of some projects.

Pertamina's director for investment and risk management Ferederick ST Siahaan said Tuesday the company planned to slash its investment target from Rp 44.6 trillion to Rp 26 trillion. "This is due to some external factors, including currency and the government’s decision delay in some projects," he said.

Ferederick said the initial investment target was set based on an assumption that rupiah was steady at Rp 10,000 against US dollar. "Now the rupiah is around Rp 9,000 per US dollar. The stronger currency contributes around Rp 4 trillion to the investment reduction," he said.

He added that the government's late decision in some important projects, including the Donggi Senoro LNG development project, also contributed to the lower realized investment.

He said the delay investment would be carried over to following years.

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