Jakarta (IOGnews) - State Oil and gas Company Pertamin has appointed three underwriters for a bond issue in the first half of the year which expected to raise between USD 1 – 1.5 billion.

Finance Director Frederick Siahaan said on Thursday (4/2) the debt issue will be handled by Citibank, HSBC and Credit Suisse to help finance the company's Rp46 trillion investment plan this year.

About 30 – 40 percent of the investment plan will be funded by internal cash and a syndicated loan and Frederick said the amount was hiked this year from Rp37 trilion last year to support a more “aggressive” targets.

Last month Vice Director of Pertamina Omar S Anwar said the capital spending will be emphasized on upstream management, by among others, block acquisition, developmnet and production improvement.(Tempo)