Jakarta(ANTARA News)- State-owned oil company Pertamina will divest its subsidiaries, particularly its non-core business entities that are suffering losses, the company's deputy president director, Iin Arifin Takhyan, said.
"Pertamina will divest non-core and non performing subsidiaries," Takhyan said after a hearing with the House of Representatives (DPR)'s Commission VI which deals with energy affairs here on Thursday.
He said Pertamina's non-core business subsidiaries were enaged in such lines of activity as insurance, pension fund, health care services, construction, manufacturing, real estate and property.
Up to September 2008, five of Pertamina's non-core business subsidiaries were known to have suffered losses, namely PT Geo Dipa Energi, PT Patra Dok Dumai, PT Pertamina EP Rendugunting and PT Pelita Air Service.
He said companies that were not related to Pertamina's core business would be sold while those that were would be retained.
"We are studying the mechanism of the divestment. Subsidiaries that serve as business support will be handed over to the Asset Management Company (PPA) for restructuring," he said.
Pertamina's Finance Director Ferederick ST Siahaan said meanwhile the sate-owned company was still calculating the value of the company's assets before the restructuring was carried out.
"The restructuring will be carried out in stages on a continuous basis but we are not yet able to reveal the value of the assets because it is still being calculated," he added.
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