Pertamina to increase spending in 2012, Pertamina

Release Date: 2012-01-25

Jan 24 (Reuters) - Indonesian state energy firm Pertamina plans to boost its capital spending by more than 40 percent this year with most of the funds to be used to develop the oil and gas upstream sector.

Company spokesman Mochamad Harun said on Tuesday 80 percent of this year's 52.8 trillion rupiah ($5.90 billion) will be spent on mergers and acquisition of domestic oil gas blocks and increasing overseas portfolio performance.

The rest would be spent on upgrading refineries, terminal expansion, fuel and gas shipping transportation as well as infrastructure development.

Pertamina had set 37.1 trillion rupiah for capital expenditure last year, but only spent 30 percent of the funds. It walked away from an Angola block deal last month and is still in discussions with partners on the East Natuna block development. ($1 = 8,945 rupiah) (Reporting by Andjarsari Paramaditha, Editing by Sugita Katyal)
Type: NORMAL
Company: Pertamina
Country: Indonesia
 
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