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Indonesia targets IPOs at two Pertamina units next year -deputy minister

12/07/2022 | 01:42am EST
FILE PHOTO: A sign of the state-owned Pertamina seen at a petrol station in Jakarta

JAKARTA (Reuters) - Indonesia aims to launch initial public offerings for the upstream and geothermal units of state firm energy Pertamina next year to fund expansion, a senior government official told parliament on Wednesday.

Pertamina Hulu Energi, the upstream unit of Pertamina, is expected to sell a 10% to 15% stake in an IPO next year and had conducted initial "sounding out" of potential investors, deputy state-owned enterprise minister Pahala Mansury told lawmakers.

The government also aim to conclude the IPO of Pertamina's geothermal unit in the first quarter of next year after it was delayed due to "less than optimum" market condition this year, Pahala said.

The IPO of Pertamina Geothermal Energy was initially targeted to take place the second quarter of this year.

Pertamina Hulu Energi could raise between $1 billion to $3 billion in the IPO, Refinitive publication IFR said, citing people with knowledge of the matter.

IFR had also previously reported that the geothermal unit's IPO could raise up to $500 million.

Pahala did not disclose the expected value at the hearing.

He said in coming years the upstream unit is expected to spend $4 billion to $6 billion a year amid a push by the government to enhance energy security and Pertamina Hulu could not only rely on its parent company.

"We hope to diversify financing ... and to optimise the momentum of high oil and gas prices," Pahala said, adding that the government would also push Pertamina Hulu to expand the development of offshore projects.

The government is also preparing for share sales of state palm oil company Perkebunan Nusantara and state fertiliser maker Pupuk Kaltim, he said.

(Reporting by Fransiska Nangoy; Editing by Ed Davies)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
BRENT OIL 1.74% 81.38 Delayed Quote.-7.24%
CRUDE PALM OIL 0.07% 741 End-of-day quote.-26.42%
WTI 0.93% 74.395 Delayed Quote.-8.79%
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