Transformation of Pertamina to an energy company approved
Monday, July 23 2012 - 08:31 AM WIB
State oil, gas company PT Pertamina said it has broadened its business to become an energy company, not only oil and gas, reflecting expansion of the company?s business to new and renewable energy.
Ali Mundakir, VP Corporate Communication of PT Pertamina, told Petromindo.com that the change has been approved by the company?s shareholder (government) during an extraordinary shareholder meeting last Thursday.
He said there are three amendments in the company?s statutory Articles of Association, first, additional of business activities (article 3), an increase of paid-up capital (article 4) and the scrapping of vice President Director post, which was stated in article 10, verse (1), article 11, verses 19 and 20, as well as article 12 verse 3.
He said amendment of statutory Articles of Association reflects the transformation of Pertamina into an energy company, which is now embarking on new and renewable energy, such as geothermal which is carried out by its subsidiary PT Pertamina Geothermal Energy (PGE).
The State Enterprise Ministry, he said, has also approved the decision.
The government has approved to raise the company?s capital by Rp 520,918,000,000, taken from 2012 State Budget to Rp 83,090,697,000,000.
Editing by Roffie Kurniawan