Megawati signs ruling on ?Implementing Body?

President Megawati Sukarnoputri had signed a government decree on the formation of the so-called ?Implementing Body? that will function as the highest authority in Indonesia?s upstream oil and gas industry, a highly placed source said.

?The President has also sent letter to Commission VIII of the House of Representative which oversees oil and gas industry to ask for approval to induct current director general of oil and gas at the ministry of energy and mineral resources Rachmat Soedibjo to head the Body,? said the source.

The new oil and gas law stipulated that Implementing Body must be formed by November this year to take over the decades-long role of the state-owned oil and gas firm Pertamina in regulating and managing the oil and gas industry. The body has authority to sign oil and gas contracts. It is directly accountable to the country?s President. (alex)