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Pertamina sets aside US$5 bln for capex in 2015

State owned oil and gas company PT Pertamina has set aside US$5 billion or Rp62 trillion for capital expenditure in 2015. The funds will be used to fund various upstream and downstream projects.

President Director of Pertamina Dwi Soetjipto told reporters that the funding needs will come from internal cash flow of the company as well as from bonds issuance, both local and international bonds.

The value of planned bonds issuance is being assessed as well as pending on the approval of the company’s shareholders meeting on Dec. 22, 2014.

In addition to upstream projects, the company will also begin the upgrading of its aging oil refineries.

The company has selected PTT Thailand, Saudi Aramco, Sinopec and JX Nippon as partners to upgrade a number of its oil refineries, which are expected to cost a total of US$25 billion. Pertamina aims to raise the capacity of its refineries to 1.6 million barrels per day from 800,000 bpd at present. (*)

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