Word: pertamina
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...know where the power lay in the world oil business once had only to memorize the names of the "seven sister" international companies: Exxon, Royal Dutch/Shell, Gulf, Texaco, Mobil, California Standard and British Petroleum. Now he must also learn such less familiar names as National Iranian, Petromin and Pertamina. They are among a host of government-owned companies that are muscling in on the majors' market by taking over many of the seven sisters' operations outside...
PERT AMINA, Indonesia's state company, has prospered by attracting 32 foreign oil companies to explore and by allowing them to earn handsome profits. Until recently, the companies retained up to 58% of the oil that they produced and gave the rest to Pertamina, which sold it. Now, with prices soaring for its low-sulphur "sweet crude" and production up to 1.4 million bbl. a day, Pertamina is renegotiating its contracts with foreign concerns to bring the government share up to 60% or more...
Indonesia's strongest card is its rapidly developing petroleum industry. The oil crisis has enabled Suharto to boost the price of the daily output of 1.4 million bbl. from $4 to $10.80 per bbl. in the past year. The oilfields are owned by the state oil company, Pertamina, which estimates that it will have a daily output of 2 million bbl. by 1975. The problem is that the nation's new-found oil riches have contributed to the conspicuous consumption of the Indonesian rich (who make up only 3% of the population) but have hardly touched the lives...
...Choice. Forest and oil exploitation, however, are already bringing returns. U.S. and Asian loggers boosted Indonesia's timber exports to $110 million last year, 70% over 1969, and expect to double that by 1973. Working with Pertamina, the state-owned oil monopoly, several foreign firms-including U.S.-owned Atlantic Richfield Co. and Union Oil Co.-recently began producing oil from wells in the Java Sea and adjacent waters. Already the major oil producer in the Far East, Indonesia expects to pump out 1,000,000 bbl. a day this year and 2,000,000 daily by the mid-1970s...
...Indonesian restaurant in New York to several American oil company executives. Before the meal had ended, he had pledges of $25,000 from each of the Americans. Sutowo has already acquired property on Manhattan's East Side. Another of his pet plans is a foundation, to be called Pertamina International, which he plans to use to raise funds for Indonesian cultural and educational projects in the U.S. "We expect donations to come from Americans-people who are friendly to Indonesia." And who might they be? "Oil companies," Sutowo answers promptly. But he insists that his latest projects are private...