Indonesia's Pertamina plans to list units by 2013

JAKARTA, Nov 3 - Indonesia's state oil and gas firm Pertamina plans to list three of its units involved in gas distribution, drilling and exploration on the stock exchange by 2013, a company spokesman said on Tuesday.

The three units are gas distribution firm PT Pertagas, drilling firm PT Pertamina Drilling Services and upstream firm PT Pertamina Hulu Energi, said spokesman Basuki Trikora Putra. "Pertamina wants to expand its business units. Pertamina believe drilling services, gas distribution and upstream activities have good business prospects," Putra said.

He did not detail how much money the firm hoped to raise from the initial public offerings (IPOs) or the size of the stakes that could be listed.

Another Pertamina official, who declined to be quoted by name, said the three units could be listed on the Jakarta Stock Exchange.

Oil services firm PT Elnusa Tbk, also a Pertamina unit, raised about $63 million when it listed on the Jakarta bourse last year.

Elnusa is involved in oil exploration and fuel retailing.

Putra said there were no plans right now to list shares of Pertamina, although he said the firm aimed to increase financial transparency.

The second official said Pertmina would not be eligible to go public anyway because the company was responsible for distributing state fuel subsidies.

The bureaucratic state energy firm could face challenges obtaining a public listing since it is considered by critics to still lack enough transparency, having been treated as a cash cow by some politicians.