Pertamina to seek overseas loans of US$1 billion
Thursday, October 18 2001 - 09:13 AM WIB
State oil and gas company Pertamina will seek loans of US$1billion from the United States and Japan which will be used for acquiring the Spanish-Argentinean oil and gas company Repsol, according to company president director Baihaki Hakim.
?Our target is that we get at least $1 billion. For the initial stage, the funds will be used for investments in the upstream sector like the plan of acquiring Repsol,? Baihaki told reporters on Thursday on the sidelines of a hearing with the House commission in charge of mines and energy. They were deliberating the bill of oil and gas.
Pertamina has reportedly offered between US$300 million and $400 million for the Indonesian assets of Repsol, compared with about $650 million demanded by that company.
Hakim further said that Pertamina was considering to buy new tankers and would have to decide whether new loans would be needed for it. (godang)