PT Pertamina, Indonesia' s state oil company, plans to sell US$1 billion in dollar-denominated bonds next year as it seeks to buy and develop fields to increase output. The company also plans to sell more than IDR1 trillion of bonds in 2010.
The sales of dollar-denominated and rupiah- denominated bonds are part of $2.5 billion in financing the company is seeking for next year's IDR39 trillion capital expenditure.
Pertamina is in talks for stake acquisitions as thecompany seeks to increase oil output to meet growing demand for fuels and to boost revenue. Pertamina is in talks to buy a 45 percent stake in the Hanoi Trough oil block in Vietnam from Quad Energy S.A. The Company is seeking to buy as much as 25 percent of the Mahakam gas block in Borneo from Total SA and Inpex Corp.
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