Caltex to keep investment steady

Caltex to keep investment steady

SINGAPORE: PT Caltex Pacific Indonesia said Wednesday it is planning to keep this year's level of investment in Indonesia at less than US$1 billion, unchanged from 2001.

In 2001, CPI, a unit of ChevonTexaco Corp., budgeted $400 million for capital expenditure and $400 million in operations expenses, said company spokesman Walt Maguire.

He added that CPI "will maintain a strong level of investment in Indonesia," as it has over the past five years.

CPI's actual 2001 investment expenditure was "a little above $900 million," said Managing Director Robert Galbraith.

Both Maguire and Galbraith said CPI's investment level in Indonesia will be maintained from 2001, but declined to speculate on possible production changes. -- Dow Jones