JAKARTA, 18 January 2008 - Pertamina is in need of twice as much foreign money because of high oil prices on the international market with prices reaching as high as 100 US dollars per barrel. Earlier today the general manager of PT Pertamina, Ari Hernanto Sumarno, said that Pertamina was in need of foreign money to pay for the imports of oil for the company. Pertamina has to buy oil from outside Indonesia, even if the prices rise. This is caused by the fact that the total production of oil in Indonesia is not sufficient to cover all of it’s needs.
At the time that the world oil prices were around 70 US dollar per barrel, Pertamina needed some 30 to 40 million US dollar per day. Now prices have risen to some 100 US dollars per barrel, the need for foreign money for Pertamina has risen to some 70 million US dollar per day. Ari added that Pertamina always informed about the daily need of foreign money but also reports weekly and monthly to the Department of Finance and to Bank Indonesia.

Pertamina: in need of some 70 million US dollars per day ..

Source : http://news.indahnesia.com