Pertamina clarifies

Pertamina clarifies

In connection with the report entitled "Pertamina to sell
three subsidiaries this year" published in The Jakarta Post, June
9, we deem it necessary to clarify the matter as follows:
* In line with the long-term plan of PT Pertamina (Persero),
2004-2008, and the outcome of its executive meeting on March 18-
19, 2004, the management of Pertamina will conduct a
comprehensive evaluation of all subsidiaries and joint ventures
to determine their future direction. A team for the restructuring
of subsidiaries and joint ventures in charge of the evaluation
will report its findings to the executive board in July 2004,
before submitting them to the board of directors for approval.
* At present Pertamina has 14 subsidiaries, which are being
restructured and regrouped by considering whether or not they
support Pertamina's core business for the purpose of increasing
the efficiency and effectiveness of the company's business
portfolio in the effort to enhance the value of Pertamina in
incorporated terms. Basically three measures/options will be
adopted: Retention (by merger), divestment and liquidation.
* As for the statement of Pertamina Finance Director Alfred
Rohimone in the report that "Pertamina will sell Patra Jasa
Hotel, insurance company PT Tugu Pratama and Pelita Air Service",
we would like to clarify that our finance director has never
mentioned the sale of PT Tugu Pratama.

HANUNG BUDYA Y., Pertamina Public Relations Manager, Jakarta

Note: Thank you for your clarification

--Editor