Sun, 03 May 2009

Nusa Dua (ANTARA News) - Indonesia`s state-owned oil company Pertamina is targeting 88 percent in investment growth until 2012 which is equal to Rp41.2 trillion.

"Sixty-six percent is expected to be put in the upstream sector while 33 in the downstream and two percent in other sectors. Why because the upstream sector is Pertamina`s future," the company`s deputy president director, Omar S Anwar, said to ANTARA on the sidleines of the 42nd meeting of the Asian Development Bank here on Saturday.

For investment in the upstream sector, he said, Pertamina would cooperate with investors if it involves really large funds.

He said investment need tended to increase since 2006 from Rp8.1 trillion in 2006 to Rp14.9 trillion in 2007, Rp17.3 trillion in 2008 and Rp21.9 trillion in 2009.

The company`s net profit also tended to increase significantly to Rp30.2 trillion in 2008 from Rp24.5 trillion in 2005, he said.

He said he hoped "half of the targeted investment of Rp41.2 trillion could come from outside. There are a lot of mechanisms for us to take such as by being the main sponsor like for the current ADB meeting to make us more known."

He said many big bank executives attended the meeting who could become would-be partners for Pertamina.

"There are also countries that we can approach for the investment program. However we cannot as yet disclose them. It is still too early," he said.(*)