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JAKARTA. State-owned oil and gas company Pertamina said its cash reserves were in excellent condition, amounting to US$5 billion or around Rp 67 trillion, such that it was possible for the state-owned enterprise to reexamine whether or not the company needed to apply for new long-term loans.
“Pertamina’s money supply condition is really good and currently it is above $5 billion. We also have had quite a huge amount of short-term loan facilities,” Pertamina’s corporate communication vice president Wianda Pusponegoro said as quoted by Antara in Jakarta on Tuesday.
She said that currently, Pertamina had a short term loan facility of more than $7 billion, which would reduce by a quarter of the total loan only if the company wanted to use it.
“We are currently carrying out reviews and profiling. Even if we need loans, we will determine how much in loans we will need, when we need it and which investment plans the loans will be used to cover,” said Wianda.
She said Pertamina’s solid cash condition was because of several measures the company had taken, such as crude oil procurement through its integrated supply chain (ISC) division and budget efficiency, which led to declined losses. Pertamina was also evaluating achievements of several investment targets it worked on.
In the first semester of 2015, Pertamina recorded quite a positive work performance. Apart from improved operational work performances, Pertamina’s net profit has amounted to $570 million.
Wianda said the condition made the company optimistic about achieving net profit targets it had set for this year.
“I’m very optimistic because Pertamina’s net profit target is set at around $1.7 billion in 2015 and in the first semester we already realized a net profit of $570 million,” she said.
