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Pertamina names new directors

State oil and gas firm PT Pertamina has reshuffled its board of directors and added a new directorate aimed at supporting the company's ambitious plans for upstream expansion

Alfian (The Jakarta Post)
Jakarta
Sat, February 20, 2010

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Pertamina names new directors

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tate oil and gas firm PT Pertamina has reshuffled its board of directors and added a new directorate aimed at supporting the company's ambitious plans for upstream expansion.

The new directorate is the investment planning and risk management directorate, to be headed by the company's former finance director, Frederick S.T. Siahaan.

"There will non-organic growth from our upstream business as we plan many acquisitions," president director Karen Agustiawan said Friday after an inauguration ceremony.

"The new directorate will manage the business development, the investment and the risk management."

Earlier, Pertamina said it had allocated Rp 29.5 trillion (US$3.16 billion) this year for upstream activities.

Of that amount, the company will allocate Rp 10.2 trillion to acquire new blocks in Southeast Asia and Australia, including 24 oil and gas blocks in the country, whose contracts will expire between 2011 and 2020.

"Investment in upstream operations comes with huge risks, and the new directorate job's is to manage the risks," said State-Owned Enterprises Minister Mustafa Abubakar.

Karen added the new director would also responsible for the company's downstream business.

"The director is to support both our upstream and downstream expansion," she said.

In the reshuffle announced Friday, Karen held on to the post she has served since last February, as widely predicted earlier.

"Karen will stay on as president director because her performance is considered satisfactory," Energy and Mineral Resources Minister Darwin Zahedy Saleh said prior to the inauguration ceremony.

"The new directors have been appointed to support her in running the company."

Other new directors inaugurated Friday were Rukmi Hadihartini as the human resources director; Waluyo as the general director; Bagus Setiardja as the upstream director; Edi Setianto as the processing director; Djaelani Sutomo as the trading and marketing director, and Mohamad Afdal Bahaudin as the finance director.

Rukmi previously served as Pertamina's processing director, while Waluyo in the former general and human resources director.

Bagus was president director at upstream subsidiary PT Pertamina Hulu Energy.

Edi was a deputy and the processing director, while Djaelani was president director at PT Pertamina Tongkang, a subsidiary operating in the shipping business.

Afdal was president director of PT Tugu Pratama, an insurance company partly owned by Pertamina.

"We believe the directors will form a solid team," Karen said.

SOE Minister Mustafa said the government expected to name two new commissioners to the company with immediate effect to replace Gita Wirjawan - who has been appointed chairman of the Investment coordinating board - and Sutanto, who will head up the State Intelligence Agency (BIN).

Pertamina currently has five commissioners: Umar Said, Muhammad Abduh, Humayunbosha, Maizar Rahman and Sumarsono.

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