Home Pertamina’s largest share of 2021 profit from upstream sector

Pertamina’s largest share of 2021 profit from upstream sector

by admin

JAKARTA, June 23, 2022 – (ACN Newswire) – The upstream sector accounted for the largest share of state-owned oil and gas firm PT Pertamina’s (Persero’s) net profit as Indonesian crude prices (ICP) soared in 2021.
Pertamina Hulu Energi Offshore Southeast Sumatra (PHE OSES) well in Seribu Islands waters off North Jakarta’s coast (ANTARA FOTO/M Risyal Hidayat/rwa)
“The overall profit earned is a combination of the six sub-holdings and their subsidiaries, but the largest contribution to the net profit comes from the upstream sector due to the windfall from the increase in ICP prices,” acting vice president of corporate communications at Pertamina, Heppy Wulansari, said in Jakarta on Tuesday.Reporting its 2021 fiscal year performance to the government, which is a shareholder in the company, Pertamina said it scored a net profit of Rp29.3 trillion.

The majority of this profit was obtained from the upstream sector’s revenue, which increased sharply. Meanwhile, the downstream sector experienced losses due to the increase in crude oil prices and as Pertamina’s fuel prices remained below the market price.

This was an advantage for Pertamina, which has an integrated business from upstream to downstream, which allows cross-subsidies. Thus, it could maintain the balance between profits and public service bonds.

Wulansari said that Pertamina’s financial performance was positive, with almost doubled profit in the 2021 fiscal year.

This profit was consolidated profit from all Pertamina business lines from upstream, processing, and downstream.

As for the downstream sector, especially fuel and LPG marketing and distribution, at this time, the status is still at a loss due to the high cost of fuel production as the largest component is crude oil.

“However, Pertamina really appreciates the government’s full support through the payment of assignment fuel compensation and the addition of energy subsidies in the 2022 State Budget. This is very meaningful to maintain people’s purchasing power and encourage economic recovery,” Wulansari said.

Contact: Fajriyah Usman, VP Corporate Communications, PT Pertamina (Persero)
M: +62 858 8330 8686, Email: [email protected], URL: https://www.pertamina.com
Written by: Azis Kurmala, Editor: Suharto (c) ANTARA 2022

Topic: Press release summary

Source: PT Pertamina

Sectors: Environment, ESG, Alternative Energy, ASEAN


From the Asia Corporate News Network

Copyright © 2022 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.

Source : ACN Newswire

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

NEWS7.ASIA :Pertamina’s largest share of 2021 profit from upstream sector
https://puzzlee.org   https://droles-danimaux.com   https://follement-bijoux.com   https://lesjardinsdechampfleury.com   https://www.enigmesghisdiem.fr  
6 Nations : Ntamack dans le groupe des Bleus *  Les Jeux olympiques s'invitent en ville *  Roxy Lima Beanie de fille *  Leslady Maillot de Bain 1 Pièce Femme Bikini Amincissant Slim Transparent Beachwear Plage Body Guide *  Greenworks Souffleuse à neige à batterie GD40ST (Li-Ion 40V 51cm largeur de travail temps de travail jusqu’à 20 minutes… *  * Serviettes démaquillantes Sweet Face, réutilisables et lavables, nettoient les pores et enlèvent le maquillage… *  Bilingue français-anglais : Noires machinations – Foul Plots *  https://www.topfringues.com/   https://www.epicerie-epicerie.com   https://www.monsegur-vaillant.com   https://news-tr.com   https://www.sports365.info/   https://sports365.info   https://www.animalerie.xyz   https://sbc55.net   Pertamina’s largest share of 2021 profit from upstream sector : news7

news7.asia Pertamina’s largest share of 2021 profit from upstream sector