(MENAFN) Indonesia's PT Pertamina's president, Karen Agustiawan, expects the company's 2013 net profit to grow by 23.53 percent to USD3.05 billion, reported Xinhua News.
Agustiawan said that the oil and gas giant has allocated USD6.67 billion for capital spending in 2013 to finance the company's expansion plans, which will extend to Iraq.
The company, which in the first half posted a USD1.6 billion net profit, expanded its business to Algeria by buying ConocoPhilip Algeria ltd, controlling an oil field in the North African country with a price of USD1.75 billion.
The acquisition is forecasted to increase the firm's oil output by more than 23,000 barrels per day (bpd).
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