TEMPO.CO, Jakarta - State-owned oil and gas company PT Pertamina CEO Dwi Soetjipto said the recent closure of Pertamina Energy Trading Ltd—its oil-trading subsidiary—and the fact that Pertamina would take over the latter’s job in purchasing oil would be more efficient and beneficial to Pertamina. Dwi said Pertamina could now purchase oil directly from third parties.
Dwi said Pertamina had raked a whopping US$22 million (around Rp289 billion) profit in the past two months. “Performance is better and Pertamina made profit,” Dwi said in the State-owned Enterprise Ministry on Wednesday, May 13, 2015.
Pertamina has taken over Petral’s activities since the beginning of 2015, when the former signed direct cooperation with vendors. “The process is faster,” he said.
Dwi said Pertamina had targeted a profit of US$400 million and he was confident it would achieve the target following Petral’s disbandment. “All business activities have been transferred to Pertamina,” he said.
Earlier, Pertamina decided to disband Petral and another one of its subsidiary, Zambesi Investment Ltd. The takeover process will conclude after an audit into Petral is completed in April 2016.
Energy and Mineral Resources Minister Sudirman Said has called on businessmen not to fret about Petral’s dismissal, saying it would allow Pertamina to improve its performance instead. “So why worry? The market will come to us,” he said.