VIVAnews - State oil and gas company PT Pertamina urged the government to take decision on a buy-back option of Total E&P Indonesia shares before April in the Mahakam Block, East Kalimantan.
"We've proposed two options to the government," said Pertamina Managing Director Karen Agustiawan on Thursday, March 18.
According to her, the options that the government take will become the reference for Pertamina to set up negotiation with Total through business-to-business mechanism. "In our letter, it's clear that we ask for 15-25 percent of shares in the Mahakam Block," she said.
Karen expected that by the second half of the year, Pertamina will have been part of the Makaham Block. The decision however is seen as in a hurry because Total's contract in the Mahakam Block will be terminated in 2017.
Concerning the acquisition, Pertamina will be making use of loans and internal fund.
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Translated by: Bonardo Maulana W
