JAKARTA (AFX-ASIA) – With state oil and gas company Pertamina now a limited liability company, new president Ariffi Nawawi said that productivity and profit will be among his top priorities.

He said the other urgent priorities are is to change the corporate culture in line with Pertamina’s new status and to expand the market for its products.

“We must increase productivity and profit,” Mr Nawawi told reporters following the inauguration of the company’s new board of directors and commissioners.

The government replaced the top management after completing the change of Pertamina into a limited liability company. President Megawati Soekarnoputri approved the change on Sep 17.

Previously, the company’s status was regulated under a special law on Pertamina.

The change is required under the new oil and gas law, which legislators passed in October 2001. The new law seeks to liberalize the oil and gas sector by among other things abolishing Law No. 8/1971 governing Pertamina.

Under the old law, Pertamina held monopoly rights in the downstream and upstream sectors. But these came with the obligation to ensure the supply of fuel at the same price across the country and pass 60% of its revenue to the government as tax.

Deputy State Enterprises Minister Roes Aryawijaya said Pertamina should now focus on its business to improve transparency, accountability and profit.

The new board of directors are Bambang Nugroho as Pertamina’s upstream director, Harry Poernomo as downstream director, and Alfred H Rohemone as the finance director.

Pertamina’s new chief commissioner is State Minister for State Enterprises Laksmana Sukardi. Commissioners include Laksamana’s deputy Aryawijaya, the Indonesian Bank Restructuring Agency (IBRA) chairman, Syafruddin Temenggung; director general for budget affairs at the Ministry of Finance, Anshari Ritongga; and director general for oil and gas affairs at the Ministry of Energy and Mineral Resources, Iin Arifin Takkyan.