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Pertamina requires IDR75 trillion for infrastructure development

PEKANBARU: PT Pertamina needed IDR75.6 trillion or 25% of the total capital expenditure which is IDR359 trillion for infrastructure and plant development and rejuvenation until 2015.Performance Manager and Transformating Manager of Pertamina Syahrial
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News Editor - Bisnis.com 22 Juli 2011  |  04:45 WIB

PEKANBARU: PT Pertamina needed IDR75.6 trillion or 25% of the total capital expenditure which is IDR359 trillion for infrastructure and plant development and rejuvenation until 2015.Performance Manager and Transformating Manager of Pertamina Syahrial Mukhtar said the infrastructure development is mainly intended to reach the companys net profit target in 2015 which is set at IDR54.2 trillion with a help from strategic initiative.He said the main projects of infrastructure development in the next 5 years are on oil and gas infrastructure production for IDR2.4 billion, centralized crude terminal worth US$0.5 billion, refrigerated LNG terminal development for US$360 million, rig procurement amounting to US$300 million and pipeline gas development in Semarang Gresik for US$200 million.One of them is to support conversion program from kerosene to liquid petroleum gas [LPG]. We also plan to build LPG floating storage, LPG vessels, filling station and skid tank, he said yesterday.According to Syahrial, the infrastructure need is very high and it is the second biggest investment that will be allocated by the company in every year. The percentage of the allocated fund for infrastructure development this year is 31% of the total capital expenditure, while 22% in 2012, 27% in 2013, 19% in 2014 and 12% in 2015.To find financial support for the infrastructure development, the company is planning to rely on loan facility and the companys equity of 35% from the need. The scheme will be implemented for quick yielding project and capital intensive project.Those projects include the development of grass root recovery with investment of US$8.5 billion and construction period from 2016 until 2019.Besides, the company will also implement project financing system for all of the construction projects without cash support.Meanwhile, Vice President for Corporate Communication of Pertamina Mochamad Harun said that the state oil company has prepared the development plan of Mahakam block in East Kalimantan, if the proposed acquisition is 51% participating right on the block in the next 2017 is granted by the government.He said he had sent a formal letter about the acquisition plan to Ministry of Energy and Mineral Resources in early July. However, until today there is still no answer.According to him, Pertamina has budgeted investment for future development of Mahakam block. But he did not want to mention the number. As it is known, Pertamina's general investment strategy is currently more directed on the upstream sector, which is about 70% and the rest is allocated for downstream sector.(T03/NOM)

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