Pertamina not scared by ExxonMobil threats: Baihaki

State oil and gas Pertamina said on Monday it would not bow down to US oil and gas miner ExxonMobil which had threatened to review its business plans for its Cepu Technical Assistance Contract (TAC) area in East Java if Pertamina insist to acquire a big stake in that project.

ExxonMobil?s Cepu contract will expired in 2010, and if it wants to take part in the project again negotiation with Pertamina will have to start from zero, Pertamina president director Baihaki Hakim told a House commission in charge of mining and energy affairs.

?We play the rule. If it wants to continue with the project, there will be new terms, and we shall have to negotiate about it. If it wants to get in the project again, it will have to start from zero,? Baihaki said.

Pertamina insist on getting 35 percent stake at the giant newly discovered oilfield, far higher than the 10 percent it originally entitled to.

Baihaki said however negotiation between Pertamina and ExxonMobil about the Cepu TAC is still continuing. (leo)