PT Pertamina (Persero) plans to conduct an initial public offering (IPO) for one of the business units engaged in new and renewable energy around the third to fourth quarters of 2021.

"In the third or fourth quarter of this year, we will conduct an IPO in one of our business units," said the President Director of PT Pertamina (Persero), Nicke Widyawati, at the Energy Outlook 2021 event, on Thursday (4/2).

She said that the IPO plan could increase Pertamina's business units' transparency and professionalism in the future.

Also, Pertamina will consolidate new and renewable energy business lines with SOEs and the government to increase our strength in developing new and renewable energy, such as biothermal, io mass, biogas, and PLTS.

"The concept is partnership," she added.

On the upstream side, Pertamina will increase value by intensifying acquisitions, divestments, and partnerships with various global players and applying technology to increase national oil and gas production.