(foxbusiness) -- Indonesia's state oil and gas company PT Pertamina said Thursday that it plans to allocate USD3.1 billion for upstream investments in 2013, equal to 46% of its total investments.
Pertamina didn't provide comparative figures for its 2012 investments.
Earlier this week, it said it has signed an agreement to buy ConocoPhillips's (COP) Algerian assets. The USD1.75 billion transaction is expected to be completed by mid-2013.
The acquisition would be the largest by announced value this year for Pertamina, which last month dropped a bid to buy Houston-based Coastal Energy Co. (CEN) after failing to agree on a price.
In June, it agreed to buy all of Harvest Natural Resources Inc. (HNR)’s interests in Venezuela for $725 million in cash. Pertamina may pump 127,889 barrels of oil a day this year, according to government data, making it Indonesia’s biggest oil producer after a unit of Chevron Corp.
The transaction, expected to close by mid-2013, is subject to approval from the Algerian government and ConocoPhillips’s partners in the fields. It would bring to about USD9 billion the proceeds from ConocoPhillips’s current asset sales program. The company has previously targeted USD8 billion to USD10 billion in asset sales this year and next to focus on investment in more profitable businesses.
Incorporated in late 2011 through a merger of PTT Chemical PCL and PTT Aromatics and Refining PCL, PTT Global Chemical has petrochemical capacity of 8.2 million tpy of olefins and aromatics and refining capacity of 280,000 bpd.
The Polymer product business produce a wide range of plastic products for use in various industries. Among the main products are HDPE, LDPE, LLDPE, PS.
MRC