Jakarta (ANTARA News) - State oil company PT Pertamina is planning to disburse a standby loan of US$250 million to anticipate the possibility of the government increasing the subsidized fuel oil volume.

"Pertamina still has a standby loan of US$250 million that can be disbursed any time," the company`s financial director Afdal Bahaudin said on the sidelines of a three-kilogram gas cylinder familiarization meeting in Petamburan, Jakarta, on Friday.

Afdal said that based on Pertamina`s analysis, fuel oil subsidy in the 2010 State Budget was predicted to increase from 36.5 million kiloliter to 40.1 million kiloliter.

He added that the plan to disburse the standby loan was because the company needed bailout funds for fuel oil subsidy.

In the middle of this year Pertamina got a loan commitment from national bank for
US$565 million or around Rp5.1 trillion.

Afdal said that according to the syndicated loan, the standby loan could also be used for Pertamina`s expansion.

"We continue to make both upstream and downstream expansion and the investment is certainly big enough," he said.

Afdal said that instead of getting funds from different source, we can use the standby loan," Afdal said.

He said that Pertamina this year budgeted capital expenditure of Rp39 trillion, or up by 56.4 percent compared to Rp22 trillion in 2009. (*)

Editor: Aditia Maruli
COPYRIGHT © 2012

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