Jakarta (Antara Bali) - State-owned energy company PT Pertamina has set a target of earning a net profit of US$1.61 billion next year despite continuing pressures.
"Next year the pressures will continue with the oil price predicted to be relatively low and rupiah still depreciating against the US dollar. However, Pertamina will strive hard to make the best in all its business lines," the companys president director, Dwi Soetjipto, said in a press statement received here on Monday.
He said improving operational performance and efficiency in all lines of business as part of the five pillars of priority strategy would remain the central theme in order to overcome the situation. As of now, the situation is not yet encouraging.
Dwi made the statement after a shareholders meeting on work plan and companys budget for 2016 (RKAP).
According to the budget and work plan 2016, Pertamina also plans a capital expenditure of US$5.31 billion in 2016, which is 20.7 percent higher than in 2015.
Of the total funds, 72 percent will be allocated for upstream business, 6.9 percent for gas business, 6.7 for processing, 9.7 percent for marketing and commerce and 4.7 percent for downstream business and subsidiaries.
In the RAKP 2016, Pertamina has set the consolidation asset at US$50.83 billion.
The income target is set at US$42.26 billion which is relatively equal to the income prognosis of 2015.
Despite the strong pressure on oil price in 2016, Pertamina is optimistic that it will still be able to book an EBITDA margin of 12.8 percent which is higher than the 2015 prognosis of around 11 percent.
Upstream business is predicted to contribute around 30 percent of the total business profit.
Although the price of oil is down, Pertamina still set the production target at 659,000 barrels a day, up 10 percent. This amounted to 327,00 barrels of oil per day and 1,926 MMSCFD of gas.
Production of geothermal energy is set to increase eight percent to 3,245 GWh based on the 2015 prognosis.
In the downstream business, increased income is expected to come from the new refinery unit, namely RFCC Cilacap and TPPI, and sale of Pertalite gasoline launched on July 24, 2015.
Regarding the gas business, growth is expected from the policy synergy between subsidiary companies from downstream business, transportation and commerce.
In 2016, several gas infrastructure projects such as Semarang-Gresik, Porong-Grati, Belawan-KIM-KEK pipe lines are expected to start operations.(WDY)
