President signs govt regulation on Pertamina

President Megawati Soekarnoputri has already signed a government regulation on Pertamina that would allow the state company to become a corporation, State Secretary Bambang Kesowo said on Wednesday.

"I heard that the President signed the regulation this morning," he told reporters.

Meanwhile, a source told Petromindo.com that senior Pertamina and government officials will convene this afternoon at the Ministry of Finance to make preparations for the change in Pertamina status.

The transformation of Pertamina into a corporation is part of the government's efforts to liberalize the country's oil and gas sector. The efforts started with the enactment of a new oil and gas law late last year aimed at opening the industry to competition.

The government is also planning to privatize Pertamina in 2006.(Godang)