Word: pertamina
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...pray for his recovery. The Golkar party, which Suharto founded and retains the largest bloc in parliament, called for all pending graft charges -pending for a decade now - be dropped. As the ex-strongman lay dying, the health minister instructed all hospitals to provide their best equipment to Pertamina hospital, where Suharto was being treated. But after three weeks, he died of multiple organ failure. He will be buried next to his wife in the central Java city of Solo. It is not clear what will happen to the civil suit brought against him by Indonesia's attorney general...
...production. Although Indonesia is rich in natural resources, investors in recent years have shied away from development projects because of confusion over industry regulations as Jakarta grants more power to local governments. In one case, three years of haggling between Exxon-Mobil and Indonesian oil company Pertamina, now in the process of being privatized, has stalled the development of the massive Cepu oil field on the island of Java. The negotiations were dealt a serious blow in August, when Exxon-Mobil says it was informed by Pertamina that its contract to operate the field, set to end in 2010, would...
...when it comes to attracting businesses that could help create many new jobs. ExxonMobil has been forced to delay an investment of up to $3 billion in a massive new oil field off the coast of Java. The problem: protracted negotiations with the government and with Indonesian oil company Pertamina, which is being privatized, over revenue sharing and the length of ExxonMobil's contract. In addition, tough labor laws, which among other things make it difficult for companies to lay off workers, discourage hiring at a time when more than 9 million Indonesians are unemployed and another 30 million?almost...
...Money still gets pumped into oil and gas?Indonesia's largest export industry?but there are considerable operational risks. In August, Caltex Pacific Indonesia, a subsidiary of ChevronTexaco, was forced to turn over management of an oil field in Sumatra to a joint venture between a local government and Pertamina, the country's big domestic producer. Caltex ran the field for 30 years, but when its production contract expired, the company was unable to get a standard extension. Under Suharto, Jakarta controlled the country's natural resource industries. But now, power is devolving to the provinces and local politicians want...
...earnest, as the group sold its Italian pay TV arm Telepiú; to News Corp. for €1 billion. The company confirmed it would also sell its publishing, PC games and overseas telecom units. Gassing Up Indonesia In one of the largest-ever investments in Indonesia, state-owned Pertamina and British Petroleum signed an $8.5 billion deal to open a gas field for China. INDICATORS New Course For The Bourse Europe's market landscape is about to be transformed. Next year Deutsche Börse will close the Neuer Markt high-tech exchange, which has fallen 96% from its peak...