Oil and gas bill nearly ready for approval

The House of Representatives (DPR) is expected to pass into law the bill of oil and gas in its plenary session on October 17, according to house commission chairman Irwan Prayitno.

But he declined to comment on whether all house factions will approve the bill in the meeting.

The new law will establish an independent body called the Executive Body to supervise the country's oil and gas industry -- a role which has been held by Pertamina for the past three decades.

It aims to liberalize the country's oil and gas sector, lift Pertamina's decades-long monopoly on the sector and turn the state company into a profit-making limited liability company.

Meanwhile, oil and gas director general Rachmat Sudibyo declined to comment on whether the House plenary session would really approve the bill in October.

This evening, the house special committee which prepares the new law will finalize its work and submit it to DPR for its October plenary session, sources at DPR told Petromindo.com today. (godang)