The projected profit was higher than the target of Rp17.7 trillion set under the company`s business plan of 2011.Jakarta (ANTARA News) - State oil and gas company Pertamina said it was optimistic its net profit would reach Rp21 trillion until the end of 2011 or higher than the company`s target of Rp17.7 trillion for this year.
Until the third quarter of 2011, the company posted a net profit of Rp19.45 trillion, Pertamina spokesman M Harun said here on Friday.
"We are optimistic that the figure will exceed Rp21 trillion at the end of this year," he said.
The projected profit was higher than the target of Rp17.7 trillion set under the company`s business plan of 2011, he said.
He noted that a number of factors including oil price, gas production, aviation fuel sales, and lubricant sales had exceeded their respective target set under the business plan, leading to the increase in the net profit.
"The other factor is the company`s efficiency program which was running well," he said.
He predicted that oil price until the end of this year would hover above US$110 a barrel, well above the company`s target of US$80 a barrel set in the business plan.
He said the company`s gas production until the end of 2011 was projected to reach 1,510 million metric standard cubic feet per day (mmscfd), higher than the target of 1,450 mmscfd.
"On the other hand, lubricant exports are predicted to exceed 200,000 kiloliters," he said.
He said Pertamina was expected to spend up to Rp408.6 trillion from 2011 to 2014 to achieve the oil production target of 1 million barrels per day.
The fund would originate from both internal and external sources, he said.
In 2011, Pertamina issued two series of global bonds worth US$1.5 billion. "But the bonds were 7 and 10 times oversubscribed," he said.(*)
Editor: Heru Purwanto
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