Pertamina to become limited liability on April 1, 2003: Purnomo

State oil and gas firm Pertamina has been planned to formally start operation as a limited liability firm on April 1, 2003, Minister of Energy and Mineral Resources Purnomo Yusgiantoro said on Tuesday.

?The government has made a target that Pertamina will become a limited liability company (PT) on April 1, 2003,? Purnomo told reporters at his office.

Purnomo said an interministerial team would soon study the results of revaluation over Pertamina?s assets which had been conducted by appraisal consultant PT Ujatek Baru in cooperation with two foreign consultants.

Pertamina?s assets reportedly stand at some Rp100 trillion (US$=Rp8,800).

Purnomo on Tuesday repeated his call that government assets in Pertamina be handed over to the company so as to increase its total assets to Rp130-180 trillion.

The minister said bigger assets would help boost Pertamina?s market value.

Purnomo said however that the Rp130-180 trillion excluded nine state-owned oil refineries currently operated by Pertamina.

It is widely expected that its limited liability status will give more flexibility to Pertamina to tap international financial sources. Meanwhile, the government has also planned to restructure Pertamina?s operations under one holding company as preparation for it to go public in 2005-2008.

Existing oil and gas law, which came into force late last year, dismantled Pertamina?s decades long monopoly in the country?s upstream and downstream sectors. Accordingly, the company no longer has preferential rights to operate government assets. (godang)