JAKARTA, Aug 18 (Reuters) - Indonesia's Pertamina said it has slashed the amount it plans to raise through long-term debt financing this year after the government paid back some fuel-subsidy money it owed the state energy company.
"We might not need so much this year because our cash condition is quite good as a result of the resolution of debt matters with the government as well as efficiency," Pertamina Finance Director Arief Budiman said in a text message on Tuesday.
The company now expects to limit debt financing to not more than 15 percent of its initial target of $2 billion, Pertamina spokeswoman Wianda Pusponegoro told Reuters.
The company has set a capital expenditure budget of $4.4 billion this year, partly to fund expansion plans.
(Reporting by Wilda Asmarini; Writing by Eveline Danubrata; Editing by Edwina Gibbs)
Copyright 2017 Thomson Reuters. Click for Restrictions.
WHAT DO YOU THINK?
Click on the button below to add a comment.
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
Most Popular Articles