Pertamina to acquire Elnusa Petro Teknik

The state-owned oil and gas firm Pertamina plans to buy the shares of businessman Bambang Trihatmodjo in PT Elnusa Petro Teknik, according to Pertamina processing director Arivi Nawawi.

Arivi was quoted by the Suara Pembaruan daily as saying that the acquisition plan would be realized after Elnusa's shareholders meeting later this year.

Elnusa monopolize the maintenance of all Pertamina's oil refineries. Pertamina currently owns 47 percent share in Elnusa, while Bambang, a son of former authoritarian president Soeharto, owns the remaining 53 percent.

The acquisition measure is inline with Pertamina's efforts to clean up corruption, nepotism and collusion practices in the company.

Arivi said that Pertamina had to come up with some Rp 45 billion in cash to finance the acquisition.(*)