Pertamina transfers all shares Geodipa to government

State owned oil and gas firm PT Pertamina has transferred all its shares in geothermal firm PT Geodipa Energi to the government.

The Shares Transfer document was signed at the Directorate General of National Treasury at the Ministry of Finance, Pertamina said in a statement.

Geodipa was established by Pertamina in a partnership with state electricity firm PT Perusahaan Listrik Negara (PLN) on May 23, 2002 to manage and develop the Patuah and Dieng geothermal fields. Until after the transfer of the shares to the government, Pertamina owned a 67 percent stake in the firm with PLN holding the rest. The stakes owned by Pertamina and PLN were valued at Rp 443.5 billion (around $44.3 million) and Rp 218.5 billion ($21.8 million).

"Following the transfer of the shares, Pertamina will no longer any shares in the firm," Pertamina said.

The transfer of the shares reflected Pertamina's committment to developing renewable energy in Indonesia. It is expected Geodipa would not only become a good competitor to its geothermal subsidiary PT Pertamina Geothermal Energi (PGE, but also a partner in developing geothermal energy in the country, Pertamina said. (Giok)