Pertamina to set up three new subsidiaries

Petromindo

State-owned oil and gas firm PT Pertamina plans to set up three new subsidiaries this year, according to President Director Elia M. Manik.

Elia said on Monday that the company will set up a new power subsidiary called PT Pertamina Power Indonesia. He said that the new subsidiary will be engaged in the development of power plants as Pertamina has many gas fields which could supply fuel for gas-fired power plants. Pertamina through subsidiary PT Pertamina Geothermal Energy has been engaged in the development of geothermal power plants in the country.

He said that the second new subsidiary is called PT Pertamina Hulu Indonesia, which will be engaged in upstream assets management. The third will be engaged in logistics called PT Pertamina International Shipping.

Elia said that the new subsidiaries are expected to start operation this year. (*)