June 29, 2020 / 9:23 AM / 11 days ago

Indonesia's Pertamina plans $133 billion capital spending over six years

FILE PHOTO: A Pertamina fuel station in Labuan Bajo on Flores Island, Indonesia April 7, 2018. REUTERS/Henning Gloystein

JAKARTA (Reuters) - Indonesia state oil company PT Pertamina will allocate $133 billion on capital expenditure over the next six years, Strategic Director Iman Rachman told parliament on Monday.

He said 47% of the investments would come from Pertamina’s own funds, 10% would be raised through project financing, 28% would be raised from other external funds and 15% would come from equity financing. He added that initial public offerings (IPOs) would be part of Pertamina’s fund raising strategy.

Reporting by Wilda Asmarini; Writing by Fathin Ungku; Editing by Edmund Blair

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