PT Pertamina expects the Indonesian government to phase out fuel subsidies by 2014 to help ease the burden on the state budget, said Karen Agustiawan , president director at the country’s state oil and gas company.
PT Pertamina, Indonesia’s state oil company, started construction of a $1.4 billion fuel-processing unit at its Cilacap refinery in Central Java to reduce reliance on imports of petroleum and petrochemical products.
Indonesian companies may raise a record $4 billion through initial public offerings this year amid rising domestic consumption and gains in Asia’s best performing stock market, the nation’s top underwriter said.
Indonesian lawmakers approved a government proposal to gradually limit the sale of subsidized fuel starting in 2011, Teuku Riefky Harsya, chairman of the parliament’s energy commission, said late yesterday.
PT Pertamina, Indonesia’s state oil company, plans to increase oil imports by 200,000 barrels per day to 325,000 barrels a day from Saudi Aramco, Pertamina President Director Karen Agustiawan said in Jakarta today.