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Indonesia to replace Pertamina directors JAKARTA - Indonesia plans to replace directors of the state oil company after PT Pertamina's president director Widya Purnama rejected a government-brokered agreement to end a dispute with Exxon Mobil Corp over an oil field. State Enterprises Minister Sugiharto will decide on the new board to take office after the next shareholders' meeting, vice-president Jusuf Kalla told reporters in Jakarta, without saying when the meeting is or giving a reason for removing the board.

"We will replace the board of directors of Pertamina after the shareholders meeting," Jusuf said. "The State Enterprises Minister will handle the change." Purnama on August 8 said Pertamina should get a bigger stake in Cepu, the nation's biggest untapped oil field, and take over as operator from Exxon, the world's biggest publicly-traded oil company. His comments underscored the state oil company's rejection of the June 22 deal, ordered by president Susilo Bambang Yudhoyono, to speed a US$2 billion development of the field and help stem a decline in Indonesian oil production.

"Indonesia's president is finally taking aim at reviving foreign investment in the oil and gas industry by getting rid of appointees from the preceding government at the highest level of Pertamina," said Victor Shum, an energy consultant at Purvin & Gertz Inc in Singapore. The Government in March fired the entire board of directors of Garuda to improve the national airline's earnings and boost efficiency.

"It's the Government's right to change Pertamina's management," said Abadi Poernomo, a Pertamina spokesman. "We haven't heard anything from the State Enterprise Ministry yet." Cepu, in central Java, is estimated to contain 500 million barrels of oil and would add about 18 per cent to Indonesia's oil output, helping to stall a production decline that averaged more than 5 per cent annually in the past five years.

Purnama, who was named as president director in August last year, joined the company from PT Indosat, Indonesia's second-largest phone company. He didn't have any previous experience in running an oil company. The June 22 agreement gave Exxon and Pertamina a share of revenue ranging from 6.75 per cent to 13.5 per cent each, depending on oil prices.

The firms would get their maximum share of revenue if oil prices fall below US$35 a barrel and the minimum share if prices rise above US$45, Rizal Mallarangeng, a spokesman for the negotiating parties, told reporters in Jakarta on June 22. A local government would get a share ranging between 1.5 per cent and 3 per cent. Exxon and Pertamina would each have 45 per cent of the venture to develop Cepu, and the local government 10 per cent. The venture would get in total between 15 per cent and 30 per cent of the field's revenue, depending on oil prices.



Posted in Economy @ 13 August 2005 10:15 CET by Jeroen · 'Blog' RSS feed · permalink






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