Pertamina set to control 54% of lube oil market

State-owned oil and gas company PT Pertamina is set to control a 54.28 per cent share of the total market of 700,000 kiloliters of lubricant oil in the country this year.

Pertamina hopes to sell 380,000 kiloliters of lubricant oil this year and earn Rp400 billion (US$43.2 million) in profit, a company official told the newspaper Investor Daily.

Pertamina's share of the market value, however, is expected to reach only Rp5 trillion or 41.7 per cent of lubricant oil market value of Rp12 trillion, marketing manager Hasto Wibowo said.

source: Antara | 24 June 2008