VIVAnews - The Department of Finance is cutting this year's allocation of oil and gas profit sharing by Rp 14.4 trillion (US$1.2 billion).
The adjustment was attached in Finance Ministerial Regulation No.50/PMK.07/2009 issued on March 23, 2009. The decrease was an impact of the modified assumption of macro indicator that had been discussed during a working meeting of Budget Committee on 23 to 24 February 2009.
Previously, in a Finance Ministerial Regulation No.17/2009 issued on February 9, the government projected that this year's oil and gas profit sharing will reach Rp 29.7 trillion (US$2.5 million). The profit sharing at that moment used the assumed oil price of US$80 per barrel and the Rupiah exchange rate of Rp 9,400 against US dollar.
However, following the current estimated crude oil price of US$45 per barrel and the latest Rupiah exchange rate of Rp 11,000 against US dollar, the profit sharing then adapted.
The profit sharing includes the allocated oil and gas profit sharing of Rp 15.3 trillion consisting of 15.5 percent oil profit sharing and 30.5 percent gas profit sharing.
0.5 percent of each detail allocation is aimed at increasing budget for basic education, according to the Finance Ministerial Regulation.
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Translated by: Bonardo Maulana Wahono
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