Key state companies now have new CEOs, among them oil giant Pertamina, power monopoly PLN and Bank Nasional Indonesia.

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Pertamina, the state-owned firm that administers the subsidy, is facing a desperate cash crunch, and has resorted to running down its stocks.

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Indeed, when Pertamina, Indonesia's state-owned oil company, ran low on stocks last month, and so began buying up dollars to pay for imports, the rupiah plunged.

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Punj Lloyd got its first overseas break as a sub-contractor to PT Trihasra Bimanusa Tunggal, an Indonesian firm with Suharto family ties that had the contract to build a 130-mile pipeline for Pertamina, the state-owned petroleum firm.

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