Jakarta (IOGNews) - Indonesian state-owned oil and gas company PT Pertamina is favored to buy Tuban Petrochemical Industries (Tuban Petro) from state-owned asset management company PT Perusahaan Pengelola Aset (PPA).
Tuban Petro has a 59.5 per cent stake in Trans Pacific Petrochemical Indotama (TPPI), which produces upstream petrochemical materials like aromatics with an annual capacity of 3.6 million tons. Pertamina will pay Rp3.2 trillion (USD 352 million) for the assets which will be used by the government to help bridge a deficit in the 2008 state budget.(Antara)
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