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September 1, 2008

Indonesian state energy firm to go public without IPO
Indonesian state oil and gas company Pertamina is transforming itself into a public company without listing its shares on stock exchanges, national news agency Antara reported Sunday.

Pertamina's corporate secretary Sudirman Said said in Kuta, Bali, on Saturday night that the company is currently hiring securities company Mandiri Sekuritas and public accounting company Ernst & Young to help transform the oil company into a public company.

By going public, Pertamina is expected to operate in more transparent and efficient ways and be able to compete with multinational oil and gas companies.

Sudirman said Pertamina had three options to go public, i.e. through initial public offering of shares (IPO), limited strategic sales of shares and going public without listing its shares on stock exchanges.

“From the three options, the government chose the option of non-listed public company so that it (Pertamina) would not be affected by market fluctuations,” Sudirman was quoted by Antara as saying.

Sudirman also said that the government is currently preparing a government regulation (PP) to provide a legal ground for Pertamina to go public without listing its shares.

All these processes, Sudirman said, would be completed by the end of this year.

Pertamina recorded total sales of Rp 390 trillion and net profit of Rp 24 trillion last year. The company produced a total of 156,000 barrels per day of crude oil and 1,424 million cubic feet of gas per day.

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