Wed, 27 Feb 2008
Jakarta (ANTARA News) - The State Ministry of State Enterprises (BUMN) is to speed up the formation of a new geothermal mining company to explore and exploit geothermal potentials in the country, a spokesman said.

"We do need to set up several new state companies soon, among other things, to develop our geothermal potentials," secretary to the state enterprises minister Muh. Said Didu said here on Wednesday.

The formation of a new geothermal company was aimed at making state oil company PT Pertamina more flexible.

The new geothermal company would be the result of a restructurzation of PT Geodipa, a joint venture of PT Pertamina and state electricity company PT PLN. PT Pertamina`s stake in Geodipa is 65 percent and PLN`s 35 percent.

Geodipa runs two geothermal mining sites respectively in Dieng, Central Java, and Patuha in West Java. The Dieng mining site has produced 60 MW of electricity.

Geodipa owed the government US$460 million which would cause the dilution of Pertamina`s stake, and the debts would be considered as the state`s capital participation in the new state geothermal company.

In addition to Geodipa, PT Pertamina Geothermal Energy (PGE),a subsidiary of PT Pertamina, would be merged into the new company.

PGE owned 15 regional geothermal mining sites with a design capacity of 800 MW.

The restructuring process would be in line with law No. 22/2001 on oil and gas which obliges PT Pertamina to operate only in the oil and gas sector.

The transfer of Geodipa`s assets was approved in a Pertamina stakeholders` meeting last January 2008. (*)



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