The plan of PT Pertamina (Persero) to issue bonds to U.S. $ 1.5 billion, threatened to delay the first quarter-2011. Petamina plans to seek loans instead of bonds.
According to President Director of Pertamina, Karen Agustiawan, plan to issue corporate bonds to be carried out until now still has not delayed the completion of the audit of financial statements in 2009.
"The financial statements for 2009 will be completed early October about, so it is not met. If not fulfilled can be moved into the quarter I-2011," said Karen at the Office of the Ministry of Energy and Mineral Resources, Jalan Medan Merdeka Selatan, Jakarta, Tuesday (24/08/2010 ).
Karen explained that the delayed plan to issue bonds this year, making oil and gas companies will look for the red plate utangan to cover investment needs that should be met from the proceeds of the bonds.
"Bond is used for investment. To cover possible loan (borrowing)," said Karen.
Initially, Pertamina is targeting the issuance of debt securities that can be done around April-May 2010 and then. Pertamina's management then agreed to postpone its publication schedule as it is still awaiting the results of audit of financial statements in 2009.
This year, the company has budgeted a capex of USD 39 trillion. The fund would increase by 56.4 percent from the previous year capex of USD 22 trillion.
In corporate action, Pertamina has appointed three securities firms to become an underwriter. All three are Citigroup, HSBC, and Credit Suisse. (*)
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