Pertamina gets 15 percent in TPPI project
Friday, November 2 2001 - 01:42 AM WIB
The financial sector policy committee (KKSK) has decided to transfer 15 percent of PY Trans-Pacific Petrochemical Indotama (TPPI) stake to state owned oil and gas company Pertamina, Kompas reported Friday.
The committee?s secretary Syafruddin A. Temenggung said in Jakarta on Thursday that the15 percent stake was given to Pertamina as the compensation for its financial support for the resumption of the TPPI project.
He said that three existing shareholders would each give 4.5 percent of their ownership in TPPI to Pertamina, which has been also named as a senior creditor in the company.
The new policy has changed the composition of the TPPI share structure, with Newco owning 59.5 percent, Tuban Petrochemical Pte Ltd 17 percent, Pertamina 15 percent, Itochu Corporation 4.25 percent and Nissho Iwai Corporation 4.25 percent. (*)