Govt to write oil and gas law-implementing regulations

Minister of energy and mineral resources Purnomo Yusgiantoro said Tuesday that the government had set a team to write implementing regulations of the new oil and gas law.

?The government has set a team to write five government regulations on Pertamina, executive body, regulatory body, upstream and downstream oil and gas industry,? said Purnomo when addressing Indonesian Gas Association?s annual meeting.

The new oil and gas law aims to liberalize Indonesian oil and gas industry, dismantle state oil firm Pertamina?s monopoly and transferring upstream and downstream management and policy making into independent bodies.

?We are keen to hear stakeholders? input in drafting those regulations and therefore we invited them to give their opinion about whatever it is they feel important,? he said.

He said the first hearing to hear the input from stakeholder would be conducted in Wednesday.

He added that the writing of the five government regulations should be completed sometime next year.

Oil, gas investors had been cautiously welcomed the new oil and gas law, saying that whether or not the law would be able to attract investment would depend largely on the writing of implementing regulations. (alex)