Jakarta(ANTARA News)- State-owned oil company Pertamina will divest its subsidiaries, particularly its non-core business entities that are suffering losses, the company's deputy president director, Iin Arifin Takhyan, said.<\/p>\n
"Pertamina will divest non-core and non performing subsidiaries," Takhyan said after a hearing with the House of Representatives (DPR)'s Commission VI which deals with energy affairs here on Thursday.<\/p>\n
He said Pertamina's non-core business subsidiaries were enaged in such lines of activity as insurance, pension fund, health care services, construction, manufacturing, real estate and property.
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\nUp to September 2008, five of Pertamina's non-core business subsidiaries were known to have suffered losses, namely PT Geo Dipa Energi, PT Patra Dok Dumai, PT Pertamina EP Rendugunting and PT Pelita Air Service.
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\nHe said companies that were not related to Pertamina's core business would be sold while those that were would be retained.
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\n"We are studying the mechanism of the divestment. Subsidiaries that serve as business support will be handed over to the Asset Management Company (PPA) for restructuring," he said.
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\nPertamina's Finance Director Ferederick ST Siahaan said meanwhile the sate-owned company was still calculating the value of the company's assets before the restructuring was carried out.
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\n"The restructuring will be carried out in stages on a continuous basis but we are not yet able to reveal the value of the assets because it is still being calculated," he added.
\n(*)<\/p>",
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