Pertamina to lift investment by 50 percent

by uusjio | January 17, 2008 at 10:57 pm

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Indonesia is Asia Pacific's only member of OPEC, but ageing fields and lack of investment has made the country a net crude oil importer since 2006, although it is still a net energy exporter, thanks to a huge supply of natural gas and coal.
The country is also Asia's largest importer of gasoline and gas oil as its own refineries are only able to meet about two thirds of demand.
"Some of the investment in 2008 will be financed from loans and the rest from the internal resources of Pertamina," Pertamina President Director Ari Soemarno was quoted by Reuters as telling reporters.
He said that the spending would be split between 13 trillion rupiah on upstream activities and 8 trillion for downstream.
Last year, Pertamina's investment was estimated at 14 trillion rupiah, including 10 trillion rupiah on upstream.
Suroso Atmomartoyo, Pertamina's processing director, said around $300 million ..

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