“For capex, in 2010, we plan IDR39 trillion,” or $4.15 billion, Pertamina finance director Ferederick Siahaan.
“Out of this total, Pertamina would use around 26 trillion rupiah for upstream activities and the rest for other expenditures including downstream,” he added.
Pertamina expects to borrow $2.5 billion to help fund the capex.
Siahaan said that 2010 capex was much higher than the planned capex for 2009 as the company is getting ready to buy a stake in Masela block in eastern Indonesia and is planning to boost its investment in the Cepu block in East Java.
