Jakarta (ANTARA News) - State oil and gas company PT Pertamina said its US$500 million bond issue was oversubscribed ten times suggesting that investors` confidence in the company`s performance remained high.

"When the US$1 billion bond issue was oversubscribed seven times, the US$500 million bond issue was oversubscribed ten times," Pertamina Finance Director Afdal Bahaudin said on the sidelines of a working meeting with the House of Representatives Commission VII here on Monday.

Yet the company still had no plan to issue another bonds despite the over-subscriptions, he said.

He said shareholders had agreed on the value of bond issues to up to US$1.5 billion.

Proceeds from the bond issues would be used to finance capital expenditures projected to reach Rp37 trillion this year, he said.

The other funding sources to finance the capital expenditures would come from loans and project financing, he said.

Both Afdal and Pertamina spokesman M Harun declined to comment on whether proceeds from the bond issues would be used to finance its oil blocks in Cepu, West Madura or Angola.

The US$1 billion bonds will mature in 10 years and US$500 million bonds in 30 years. (*)