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Pertamina`s Net Profit Up 11 percent in 2013

Jakarta (ANTARA News) – Indonesias oil and gas company PT Pertaminas net profit rose by around 11 percent to reach US$3.07 billion in 2013, up from US$2.77 billion reported in 2012.

“The increase in net profit was driven by oil and gas production as well as a positive growth in the oil and gas commercial business, despite a loss of Rp5.7 trillion in the 12-kg non-subsidized LPG cylinder business,” President Director Karen Agustiawan remarked in a press statement here on Wednesday.

After an annual shareholders general meeting to approve the 2013 annual report and corporate financial report, Karen noted that the evaluation of corporate performance in 2013 covered aspects of operational and financial performance, corporate health, corporate governance, and other performances.

“The 56-year old company Pertamina continues to transform itself into a world class national energy company and is on track to become a healthy and transparent company ready to compete in the world,” she added.

With regard to the aspect of corporate health terms, she pointed out that the companys health reading in 2013 reached 93.46 or was under the AA/Healthy category based on the state enterprises ministrys decision No.KEP-100/MBU/2002 issued on June 4, 2002.

The companys financial performance in 2013 also improved, which is reflected by the companys revenues reaching US$71.1 billion or Rp743.11 trillion as compared to US$70.9 billion or Rp665.30 trillion recorded in 2012.

In the backdrop of declining national oil production, Pertaminas oil and gas production in 2013 increased to 465,220 barrels per day as compared to 461,630 barrels a day in 2012.

The hike was driven by an increase in oil production of 202 thousand barrels a day and an increase in gas production of 1,528 mmscf a day.

She remarked that the production hike was also followed by an increase in the oil and gas reserves reaching 237.31 million barrels per day oil equivalent in 2013.

The performance of geothermal production for electricity generation has also contributed to the companys increased income and net profit.

In 2013, realization of geothermal production reached 21.73 million tons, up 38.5 percent as compared to 15.69 million tons in 2012.

Karen explained that the downstream businesses also showed strong performance demonstrated by the companys domination in the domestic non-subsidized fuel oil and lubricant market by 60 percent.

Pertamina also showed strong performance in the gas commerce.

In 2013, Pertaminas gas commerce rose 147 percent to reach 33.800 BBTU, up from 23.100 BBTU in 2012.

Realization of Pertaminas investment in 2013 reached the highest record of US$6.87 billion or Rp71.8 trillion driven by upstream investment and acquisition of domestic as well as foreign oil and gas blocks.

The realization was up 118 percent as compared to the value of investment in 2012 recorded at US$3.15 billion.

Source : www.antaranews.com, Wednesday, February 26 2014