Indonesian Oil Firm Reaps Profit From Price Hike
Posted on: Thursday, 5 January 2006, 09:00 CST
Indonesian oil firm reaps profit from price hike JAKARTA, Jan. 4 (Xinhua) -- Indonesia's state oil and gas firm PT Pertamina has reported a 25.6 percent increase in its 2005 net profit thanks to the surging global oil prices in the mid of last year.
"The surge was attributable to the hike in global oil prices last year," Pertamina spokesman Mochamad Harun told Xinhua Wednesday.
The company reported its unaudited net profit climbed to 11.3 trillion rupiah (1.16 billion U.S. dollars) in 2005 from around 9 trillion rupiah (925.9 million U.S. dollars) a year earlier.
The profit is 177 percent higher than the targeted 6.4 trillion rupiah (658.4 million dollars) for 2005, the company said in statement.
"We ran a successful efficiency program last year and our refineries began to boost output," Harun said at his office here.
Pertamina's oil production rose to 135,000 barrels per day, making it the country's second largest producer after U.S.-based Caltex which operates in Riau province.
Gas production now stands at 1.2 billion cubic feet per day, all sold in domestic markets, Harun added.
The company also enjoyed growing demand for its non-subsidized, high-octane fuel products after a series of price cuts.
Source: Xinhua News Agency - CEIS
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