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INDONESIA'S PERTAMINA EXPECTS $US4.65 BLN GROSS INCOME FOR 2008.
JAKARTA, Jan 1 Asia Pulse - Indonesian state-owned oil company PT Pertamina expects to earn a gross income of Rp 50 trillion (US$4.65 billion) for 2008, the company's chief, Ari Sumarno, said here Wednesday.
The gross income would include a net profit of Rp 30 trillion, Sumarno said in a year-end report on the company's performance.
"Based on our calculations until the third semester of 2008, gross revenue will total Rp 40.3 trillion. After deducting taxes, we will have a net profit of Rp 26.4 trillion," he said.
According to Sumarno, upstream oil and gas activities would contribute 70 per cent of Pertamina's total profit with the rest coming from downstream and other activities.
But he also said the profit calculations were still based on Indonesia's Crude Price (ICP) rate of US$ 112 per barrel. Meanwhile, the average rate of ICP at the end of this year had declined to US$ 103 per barrel.
Sumarno estimated that Pertamina's gross and net profit in 2009 would fall sharply due to the decline in the world oil price.
"If we use the ICP rate of US$ 50 per barrel, our profit will ...
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