Pertamina appoints $1.5b bonds underwriters
Thursday, February 4 2010 - 09:07 AM WIB
State oil and gas company PT Pertamina announced that it has selected Citibank, HSBC, and Credit Suisse as underwriters in a plan to issue dollar-denominated bonds of between US$1 billion to $1.5 billion this quarter.
Pertamina's finance director Ferederick ST Siahaan said Thursday that the funds generated from the bonds issuance would be used for investment.
Pertamina in hearing with The House of Representative on Thursday that it plans to spend Rp 46.6 trillion (1US$ = Rp 9,300) for investment this year, including around Rp 29.5 trillion for oil/gas upstream activities, Rp 14.6 trillion for oil/gas downstream activities and Rp 2.5 trillion for geothermal activities.
Pertamina projects its oil production to increase by 10.93 percent 193,900 barrels of oil per day (bpd) in 2010 from 174,000 bpd last year. The Cepu block is expected to contribute significantly to the output increase. (godang)