PT Pertamina has raised $1.5 billion through a sale of global bonds to invest in Angola, Reuters reports. The state oil and gas company raised $1 billion cash from the sale of 10-year notes on May 16 and another $500 million from the sale of 30-year notes on May 21, adds The Jakarta Post.
The company appointed Citigroup Global Markets, Credit Suisse Securities and HSBC Securities to sell the bonds. Pertamina, which previously aimed to raise $1 billion from the bond issuance, will use the sale proceeds to develop its wells in Cepu and West Madura blocks and is also in talks to buy Exxon Mobil’s 25% stake in an Angolan offshore oil block.
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