Pertamina Plans Reorganization
|Friday, November 14, 2003
The Indonesian state-owned oil company, Pertamina, said it plans to reorganize its business to increase revenue and improve its asset value. "We are now drafting a blueprint for the business reorganization," Pertamina President Ariffi Nawawi said. Under the plan, Pertamina will sell its non-core businesses and optimize existing assets, he said without elaborating.
Ariffi expects the company's business blueprint for the future to be completed within six months.
Pertamina became a limited liability company in September, a move that is consistent with Indonesia's new oil and gas law aimed at privatizing the company in 2006.