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Vol 4 (AAC) No 8

Published 1st June 2011

Karen Agustiawan

President Director and CEO, PT Pertamina

With soaring energy consumption and declining production from its own petroleum reserves, Indonesia has launched a quest for overseas assets. In May, the state-owned company PT Pertamina bid US$3.5 billion for ExxonMobil’s 25% stake in Angola’s Block 31. The offer bested those of India’s Oil and Natural Gas Corporation and China’s Sinopec and China National Offshore Oil Corporation. The move is helped by a $1.5 bn. bond issue in New York this May. More foreign acquisitions lie ahead and the company has its eye on around 20 different assets across Asia and Africa.

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