Mustafa: to effectively absorb its global bonds

JAKARTA: Ministry of SOE asked Pertamina to effectively absorb its global bonds totaled US$1.5 billion within the next 7 years or until the end of this year.SOE Minister Mustafa Abubakar said the requirement will be delivered to the management of state-owned
Wandrik Panca Adiguna
Wandrik Panca Adiguna - Bisnis.com 27 Mei 2011  |  10:46 WIB

JAKARTA: Ministry of SOE asked Pertamina to effectively absorb its global bonds totaled US$1.5 billion within the next 7 years or until the end of this year.SOE Minister Mustafa Abubakar said the requirement will be delivered to the management of state-owned oil and gas company in a meeting with board of directors of Pertamina this afternoon.If the company has been committed then there will be required fee. So it will experience a loss if the bonds are not effectively absorbed, he said, today.Besides, asking for a result related with the issuance of global bond, Mustafa will ask a brief explanation on West Madura and Angola project.Previously, PT Pertamina (Persero) issued two global bonds worth US$1 billion for 1 year tenor bond and US$500 million for 30 year tenor bond.Those two bonds are oversubscribed by 7 times and 10 times respectively. Acting as underwriter are Credit Suisse, Citibank and HSBC. (wiw)

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