Pertmina to Finalise Talks on Stake Acquisition of Abadi LNG

A senior energy official said on Friday that the Indonesian government hopes to finalise talks with its state energy firm Pertamina about taking a Shell stake in the Abadi liquefied natural gas (LNG) project in the first half of this year.

"Pertamina will be one of the consortium members in charge of project execution... I'm hoping that (discussions) will be concluded soon - in the next few weeks, months, or years "Arifin Tasrif, Indonesia's minister of energy and mineral resources, told reporters.

PT Pertamina, formerly known as Perusahaan Pertambangan Minyak dan Gas Bumi Negara (lit. 'State Oil and Natural Gas Mining Company,' is an Indonesian state-owned oil and gas corporation headquartered in Jakarta. Pertamin (founded in 1961) and Permina merged in August 1968 to form Permina (established 1957). In 2020, the company ranked third in Indonesian crude oil production, trailing ExxonMobil's Mobil Cepu Ltd and Chevron Pacific Indonesia. Pertamina was ranked 122 on the Fortune Global 500 list of companies in 2013, with revenues of $70.9 billion; it was also the only Indonesian company to be included on the list. Pertamina is the largest company in Indonesia, according to the 2020 Fortune list.