Pertamina posts profit of US$1.99 billion

Jakarta (ANTARA News) - State oil and gas company Pertamina booked a net profit of US$1.99 billion in the first nine months of 2017.

Income rose 18 percent to US$31.38 billion from US$26.62 billion, Pertamina President Director Elia Massa Manik said here on Thursday.

The average Indonesian Crude Price (ICP) in the January-September 2017 period increased 29 percent compared to the same period last year, he said.

"Pertamina has also made maximum efforts to take retrenchment steps in the procurement (of goods and services) in the upstream and downstream sectors without disrupting its operations and reducing the quality (of its products)," he said.

With the improving performance and efficiency, the company could keep down its cost of goods sold and operating expenditures and make profit, he said.

If the company referred to the fuel price calculation formula, the income might reach US$32.8 billion and the net income might stand at 3.05 billion, he said.

However, Pertamina has returned the difference of income to the state as its contribution to the public, to offset the difference of selling prices of fuels at US$1.42 billion. The contribution excludes sales tax (PPN) and motor vehicle fuel tax.

Pertamina actually needs the fund to invest in the upstream sector, oil refineries and other strategic projects, he said.

The positive performance was also fueled by oil production in the first nine months of 2017 which reached 342 thousand barrels of oil per day (MBOPD), up 11 percent from the same period last year at 309 MBOPD.

Meanwhile, gas production grew 4 percent from 1,953 million standard cubic feet per day (MMSCFD) to 2,030 MMSCFD in the same period this year.

FD pada periode yang sama 2017.

In total, oil and gas production rose 7 percent, from 646 MBOEPD to 693 MBOEPD.

Source: ANTARA News

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