Pertamina to hold shareholders meeting

Though the state-owned oil and gas company PT Pertamina has not yet finalized its financial statement for 2004, the company's general shareholders meeting will be held today (Thursday) as scheduled, the Bisnis Indonesia and Investor Daily Indonesia newspapers reported in their Thursday edition.

"What (the information) we have receieved is that Pertamina has not finished its financial statement. It (without financial statement) is allowed as per the company's law," State Minister for State Enterprises Sugiharto said during a hearing with the House of Representatives' Commission V in Jakarta on Wednesday, while adding the shareholders meeting will go ahead without the finanacial staement.

Sugiharto said the delay in preparing financial statement can't cancel the shareholders meeting schedule.

The main reason for the delay of the statement was due to problems in the appraisal of company's assets, including auditing costs and maintaining oil stocks.

The meeting is scheduled to discuss about the results of the Cepu negotiations.

When asked about the change in Pertamina's management, Sugiharto said he didn't want to comment on that.(*)