Pertamina seeks funds to finance projects
Wednesday, May 9 2007 - 01:37 AM WIB
State-oil and gas company PT Pertamina is seeking funds amounting to US$500 million from domestic and international financial institutions to finance projects in the upstream and downstream sectors.
Pertamina’s financial director Frederick Siahaan disclosed that the funds would be allocated among othrs for the Pondok Tengah oil field in Bekasi, the revamping project of the Balongan refinery and other refineries to produce propylene.
The company is optimistic to obtain the funds because some 25 domestic and international financial institutions have voiced their interest to provide the funds, according to Frederick. Pertamina will hold a roadshow in August so that the funds can be obtained in September 2007.
Deputy director of upstream business Tri Siwindono said that oil reserves at Pondok Tengah had doubled following the recent discovery of huge reserves in the field's Talang Akar Formation.
The production of the field, which stood at 3,000 barrels per day (bpd) as of the end of last year, would increase to 16,000 bpd, before rising further to 26,000 bpd. (godang)