PT Pertamina, Indonesia's state oiland gas company, expects to raise IDR 10 trillion from selling a 20 percent stake of an exploration unit in an initial public offering to help finance expansion.
The company has plan to sell shares in PT Pertamina Hulu Energi at the end of this year or early next year.
Pertamina plans to acquire domestic and overseas oil assets to help the company meet its target to produce 1 million barrels a day of oil equivalent by 2015.
Pertamina may also sell a stake in two other units, PT Pertamina Geothermal Energy and PT Pertagas. Pertamina Hulu produced 103,000 barrels a day of oil equivalent this year from its blocks near Java and Madura islands.
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