The dividend payment was agreed on Wednesday during the annual shareholders meeting.

Pertamina acting president director Nicke Widyawati said that 2017 was full of many challenges for the company as a result of the hike in crude oil prices and the rupiah's depreciation against the US dollar.

“Throughout the year, the company tried to maintain a positive financial performance amid the global increase in oil prices. We focused on strategic projects while carrying out efficiency in all lines. As a result, we could still record an increase in revenue,” Nicke said in a statement on Wednesday.

Pertamina recorded $42.96 billion in its 2017 revenue, or 18 percent growth from $36.49 billion in revenue the previous year.

Sales of crude oil in both the domestic and international markets was the main contributor to revenue growth, with the Indonesian Crude Price (ICP) reaching $51.17 per barrel, while the reference price in the state budget was $48 per barrel.

Meanwhile, gas production also increased from 650 million barrels of oil equivalent per day (mboepd) in 2016 to 693 mboepd in 2017.

“The production of the Banyu Urip field and Pertamina’s other overseas fields contributed particularly to the increase in oil and gas production,” said Nicke, adding that the company also increased its geothermal production to 3,900 GWh in 2017 from 3,043 GWh, a 27 percent year-on-year growth. (bbn)

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