16 Mar 2017 17:45

Net Income in 2016 Reached US$ 3.15 Billion, Pertamina Keep Watching Oil Price Volatility and Exchange Rate 2017

JAKARTA - PT Pertamina (Persero) posted its audited net income 2016 by US $ 3.15 billion, or 122% higher than the net income in 2015. The income was supported by the improved operating performance as well as efficiency and value creation through Breakthrough Project 2016 program.

 

It is part of Pertamina Annual General Meeting of Shareholders be held today. In addition, the GMS also mandates Pertamina to be able to continue to maintain its performance and apply the right strategy in the middle of  fluctuations in crude oil prices and rupiah exchange rate against the US dollar which could affect the company's financial performance.

 

President Director of Pertamina Elia Massa Manik said that generally Pertamina passed 2016 with no easy, especially in the fourth quarter of 2016 which showed an upward trend of crude oil prices and the weakening of rupiah against dollar which significanty affected to the financial performance. "With these conditions, improved operating performance and efficiency in every line that refers to Pertamina Five Strategic Pillars are the appropriate steps so that Pertamina can achieve net profit amounted to US $ 3.15 billion in 2016," said Massa.

 

Massa reveals a general overview of company's financial performance in detail, namely the realization of oil and gas production amounted to 650.01 MBOEPD, gas volume sales amounted to 708.68 thousand BBTU, or 130% higher from CBP in 2016; and gas transportation amounted to 522.11 BSCF.

 

Positive results were also achieved by Pertamina in the oil refining which is characterized by increasing yield valuable product became 77.76% or rose about 4.5% compared with the achievements in 2015. On the other hand, Pertamina’s refinery production cost was getting lower amounted to  97.1%, or decline 6.3% compared to 2015 at 103.6%.

 

In the marketing sector with a focus strategy on customer, operational excellence, and strategic partnerships have boosted the sales volume of fuel products in 2016 amounted to 64.63 million kiloliters for fuel oil, or increase 2.8%. LPG sales also increased by 6.3% to 12.09 million KL.

 

Important stages on the refining and petrochemical megaprojects also be accomplished on the three megaprojects that have been carried out during 2016 and the its concrete form is Pertamina’s commitment to expand its refinery capacity to 2 million bpd in 2023. Some important stages achieved were the signing of Joint Venture Development Agreement for RDMP Cilacap with Saudi Aramco, completing the Basic Engineering Design and topping off the residential facilities for RDMP Balikpapan workers, and also the Framework Agreement that followed with Joint Venture Agreement with Rosneft Oil Company for Tuban GRR.

 

The company’s healthy rate is reached 88.82 in total, with details on financial aspects scored 66.00, 12.82 on operational, and 10.00 on administration , so the companies appointed as healthy category (AA). HSSE and GCG performance has been well-realized, where Pertamina won 7 GOLD PROPER and 71 GREEN PROPER. The GCG’s assesment score in 2016 is amounted to 94.62%.

 

"Pertamina has passed 2016 quite well. However, the symptoms that appear in the fourth quarter of 2016 still have to be watched throughout 2017 with a variety of precaution which was planned and mandated by shareholder, "added Massa

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