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Monday, April 23, 2007
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Rp279 Trillion for Spot Market Oil
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PT Pertamina has budgeted Rp279 trillion for importing crude oil and processed crude oil on the spot market this year. According to a Tempo source in the state-owned oil and gas company, the budget was attached to the 2007 working plan and company budget. “The amount of funds will total around 77 percent (of the company's revenues),” the anonymous Pertamina's official told Tempo last week in Jakarta. The company's revenues, according to the working plan and company's budget, will be Rp361.82 trillion. In addition, Pertamina’s profit is set to be around Rp23.78 trillion. The source was of the opinion that the large budget was because Pertamina tended to buy crude oil and processed oil in the spot market instead of signing long-term contracts. The anonymous source also confirmed a report that the government is pressuring the board of directors to buy with long-term contracts. “Because the oil purchasing price under a contract must be cheaper compared to the spot market,” said the source. However, Toharso, Pertamina's spokesperson, said that recently oil purchasing from the spot market was only 30 percent of total import needs. In addition, 70 percent of it was bought with three-month contracts. “The benchmark price was the specification of international price,” he said.
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Tempo
Labels: Internet News
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posted by ojack_djakarta
5:34 PM
 
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