Pertamina reviews plan to issue dollar bonds

State owned oil and gas company Pertamina is reviewing its plan to issue U.S. dollar denominated bonds worth up to US$500 million, the company's new president director Ari H Sumarno has said.

"We are reviewing the plan to find out if it remains feasible or not," Sumarno was quoted as saying by Antara news agency. He added that the company was waiting for the review of its financial reports by the ministry of finance before deciding whether or not it would go ahead with the issuance of the dollar bonds.

Previous Pertamina's president director Widya Purnama has said that Pertamina planned to issue bonds worth about US$500 million to generate fresh funds to finance the development of the Cepu oil block, and to strengthen the company's capital structure. (*)