Pertamina delays bond issue plan to September
Friday, July 16 2010 - 02:34 AM WIB
"Maybe, the plan to issue the global bonds would be realized in the next two months," president director Karen Agustiawan said on Thursday.
Karen said the proceeds from the global bond issuance would be used to finance the corporate capital expenditure.
Initially, Pertamina planned to launch its first US dollar-denominated Global Bonds in April or May this year.
Director of fnance Ferederick ST Siahaan said in February the company had named Citibank, HSBC and Credit Suisse as underwriters for the issuance of the bonds.
He said that funds to be raised from the issuance of the Global Bonds would be used to partly finance new investments which are expected to increase to Rp 46.6 trillion (US$ = Rp 9,050) this year from Rp 37 trillion this year in 2009.
The investment this year include 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.
?About 60 percent of funds for investment will come from external sources such as bank loans and bonds,? he said, adding that the company also planned to issue rupiah bonds to finance the new investment projects, but the value is not decided yet. (godang)