Pertamina Aims at Controlling 45 Percent of RI Oil, Gas
TEMPO.CO, Jakarta - State oil-and-gas company Pertamina's net profit in the first quarter (Q1) of 2015 is still a far cry the figure that it had initially forecasted. Pertamina's executive director Dwi Soetjipto said that in the first trimester of 2015, the company had only managed to book a net profit of around US$28 million—roughly equivalent to about Rp336 billion—far lower than the figure forecasted for Q1 of 2015 at US$427 million. "Current circumstances have forced us to sell our products for a loss to the market," said Dwi in Jakarta on Wednesday.
According to Dwi, such low profit realization was mainly driven by the fact that Pertamina had had to buy crude oil and gas at high prices, while simultaneously it was forced to sell them at low prices to remain competitive in the market—especially considering that global crude oil prices had continued to drop to hover around the US$50 per barrel in the past few months.
According to the company's most recent financial reports for the period between January and March 2015, Pertamina's income amounted to US$10,67 billion, but the company has had to shoulder the costs of goods sold (COGS), which costed it some US$9,67 billion, as well as its operating cost, which stood at US$449 million. As such, the company could only manage to book a net profit of about US$550 million.
That said, the situation is far better than what occurred in January and February of 2015, wherein Pertamina incurred a net loss of US$212 million or Rp2.74 trillion—necessitating Pertamina to revise its revenue target for 2015 to US$49 billion, lower than its net revenue realization in 2014, which stood at US$71,1 billion. The reason that Pertamina cited was the current state of global crude oil prices, which has continued to depreciate since mid-last year.
Dwi also said that he was quite irked by the Malaysian state oil-and-gas company, Petronas Bhd, which had received a lot of assistance from the Indonesian government that had allowed it to ease and streamline the process of establishing its facilities in Indonesia, but had yet to reciprocate to Pertamina's request to do the same. "We've even had to beg, so to speak, to receive a concession from the Malaysian government," he complained.
The ease with which Petronas had conducted its business, had allowed Petronas to control 60 percent of all oil-and-gas production in Malaysia and expand its' business abroad, while Pertamina was still wasting its precious time to reform its internal management. "By comparison, Pertamina only has control over 22 percent of Indonesia's oil and gas industry," said Dwi.
Dwi said that Pertamina wanted to be able to control at least 45 percent of Indonesia's oil-and-gas sector in the next five years, which could only be achieved once Pertamina managed to assume full control over Indonesia's largest oil production facilities, which included the block in Ambalat, Mahakam, Kampar, and West Madura's offshore block.
Energy and Mineral Resources Minister Sudirman Said has previously admitted that Pertamina is currently selling its fuel at rates not profitable to the company, but affirmed that the government would maintain its policy to cut fuel subsidies. "Pertamina's profitability will no longer be dependent on government's subsidies, but on how it manages its operations," he said.
Source : Tempo.CO.Jakarta
then from the article I will show the direct speech and indirect speech in the article, Also examples of some tense from the article.
Direct Speech:
1.Pertamina's executive director Dwi Soetjipto said that in the first trimester of 2015, the company had only managed to book a net profit of around US$28 million—roughly equivalent to about Rp336 billion—far lower than the figure forecasted for Q1 of 2015 at US$427 million. "Current circumstances have forced us to sell our products for a loss to the market," said Dwi in Jakarta on Wednesday.
2. "By comparison, Pertamina only has control over 22 percent of Indonesia's oil and gas industry," said Dwi.
3. "Pertamina's profitability will no longer be dependent on government's subsidies, but on how it manages its operations," he said.
Indirect Speech :
1. Dwi also said that he was quite irked by the Malaysian state oil-and-gas company, Petronas Bhd, which had received a lot of assistance from the Indonesian government that had allowed it to ease and streamline the process of establishing its facilities in Indonesia, but had yet to reciprocate to Pertamina's request to do the same. "We've even had to beg, so to speak, to receive a concession from the Malaysian government," he complained.
2. Dwi said that Pertamina wanted to be able to control at least 45 percent of Indonesia's oil-and-gas sector in the next five years, which could only be achieved once Pertamina managed to assume full control over Indonesia's largest oil production facilities, which included the block in Ambalat, Mahakam, Kampar, and West Madura's offshore block.
3. That said, the situation is far better than what occurred in January and February of 2015, wherein Pertamina incurred a net loss of US$212 million or Rp2.74 trillion—necessitating Pertamina to revise its revenue target for 2015 to US$49 billion, lower than its net revenue realization in 2014, which stood at US$71,1 billion. The reason that Pertamina cited was the current state of global crude oil prices, which has continued to depreciate since mid-last year.
