Indonesia's Pertamina has removed its CEO Dwi Soetjipto and deputy CEO Ahmad Bambang, and appointed the director of gas Yenni Andayani as the acting CEO, the state-owned firm said.
Minister of state-owned enterprise Rini Soemarno issued a decree by which Pertamina dismissed the CEO and the deputy CEO and removed the latter position as well, according to a company statement.
“We believe Pertamina will be more solid, more professional and firm on the corporate culture to ensure the company’s targets can be achieved," Pertamina chairman Tanri Abeng said.
The board of commissioners appointed Andayani as the acting CEO until there is a definitive stipulation within the next 30 days, the statement said.
“Pertamina will be focused and ready to realise the shareholders’ mandate because Pertamina is a strategic state owned enterprise that we have to support together to be strong and compete on a global level," said Adayani, who has worked at Pertamina since 1991.
Pertamina has announced several plans to boost production to serve rising domestic demand and to cut back on imports. The state-owned firm raised its oil and gas production target for 2017 to 669 barrels of oil equivalent per day, consisting of 333 thousand barrels of oil per day and 2.08 bscfd gas.
Its geothermal capacity this year is expected to reach 617 MW, significantly increases compared to 2016 which amounted to 512 MW due to several projects being completed.
Pertamina is also looking to increase its refinery’s reliability by reducing unplanned shutdowns and also increase the yield of valuable products. For 2017, it raised its target yield of valuable product to about 79 percent from 77 per cent. This is in addition to breaking ground on several new refinery projects to lift capacity.
The company expects the new projects aimed at achieving operational targets will result in a capital expenditure of $6.67 billion and a net profit target of about $3 billion for 2017.