Pertamina CEO Most Likely to Head Indonesia Investment Body

JAKARTA - PT Pertamina's Chief Executive Karen Agustiawan is the front-runner to head Indonesia's Coordinating Board for Investment after President Susilo Bambang Yudhoyono Monday made the current chief the country's new finance minister, two people familiar with the matter said. 

"It's Karen who [likely] will be appointed as the new investment board chief," one of them told Dow Jones Newswires. 

President Yudhoyono earlier in the day named Chatib Basri as finance minister, replacing Agus Martowardojo who later this week will be installed as the central bank governor. 

The government in March reappointed Ms. Agustiawan as the chief executive of state-owned oil and gas company Pertamina, after she finished her first four-year term. 

Ms. Agustiawan has been credited for leading Pertamina's foray into alternative energy such as the geothermal sector and coal-bed methane and the company's pursuit of assets outside Indonesia. 

In a vote of confidence for Pertamina's development under Ms. Agustiawan, investors flocked to U.S. dollar bond sales the company conducted in 2011 and 2012 and 2013, from which it raised a total $7.15 billion. 

Indonesia booked record-high foreign direct investment of $22.8 billion last year, while in the first quarter this year it drew FDI of $6.7 billion, a quarterly record.

Copyright (c) 2012 Dow Jones & Company, Inc.


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