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REFILE-Indonesia reappoints head of state oil firm Pertamina -media
March 5, 2013 / 7:00 AM / in 5 years

REFILE-Indonesia reappoints head of state oil firm Pertamina -media

JAKARTA, March 5 (Reuters) - Indonesia has reappointed Karen Agustiawan as chief executive of Pertamina after she helped boost profits at the state-owned oil and gas company through several acquisitions, domestic media said on Tuesday.

During her first four-year term, which expired on Tuesday, Agustiawan aggressively acquired oil assets both at home and abroad to offset the company’s declining output.

Indonesia’s second biggest oil producer after Chevron reported profits of more than 25.89 trillion rupiah ($2.67 billion) in 2012 and was expected to boost oil output by 5 percent to 244,000 barrels of oil per day this year.

A letter extending Agustiawan’s tenure had already been finalised, state owned enterprise minister Dahlan Iskan told domestic media. The reappointment did not mean Agustiawan would get another four-year term and may only be temporary until a suitable replacement can be found, Iskan added.

A Pertamina spokesman could not confirm the reappointment.

“We continue our steps in the transformation of Pertamina to become an Asian energy champion by 2025. That is our vision,” spokesman Agus Amperianto said.

“Whoever leads the company, we must aim toward that goal.”

The company plans to spend up to $6.7 billion to boost production and expand infrastructure in 2013.

Pertamina bought three Indonesian units of U.S. oil company Anadarko Petroleum Corp for an undisclosed price in December, followed by the acquisition of the Algerian unit of ConocoPhillips for $1.75 billion.

Last month, Pertamina scrapped its plan to buy the Venezuelan assets of Harvest Natural Resources Inc for $725 million.

Pertamina, which accounted for 17 percent of Indonesia’s oil and gas output in 2012, is under pressure to improve oil infrastructure to prevent subsidized fuels from being sold illegally. Fuel subsidies gobble up around 15 percent of government spending, totalling 306.5 trillion rupiah last year.

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