Indonesia's Elnusa aims for IPO in December

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JAKARTA, Sept 24 (Reuters) - Indonesian oil servicing and product retailer Elnusa plans to sell a 20 percent stake worth around $30 million through an initial public offering in December, a senior company official said on Monday.

State-owned oil firm Pertamina controls Elnusa with around a 52 percent stake in the firm.

"The company is currently restructuring its business units and actively pursuing expanding its business in the oil and gas sector in Indonesia," Elnusa's president director, Eteng Salam, told Reuters by phone.

He said Elnusa had set up a joint venture with Tristar Global of Singapore and recently acquired ConocoPhillips' (COP.N) equity share in the Ramba block in South Sumatra.

Conoco has 60 percent and Talisman Energy Inc (TLM.TO) of Canada has 40 percent in Ramba, which produces small volumes of oil.

Last year, Elnusa signed a provisional agreement with the National Iranian Oil Refining and Distribution Company to build a 300,000 barrel-per-day refinery in Indonesia.

Strong gains on the Jakarta stock market this year, due to an improving domestic economy and a surge in foreign fund inflows, have prompted many Indonesian companies to try and sell stakes on the local stock market this year.

In May, the president director of the Jakarta Stock Exchange, Erry Firmansyah, told Reuters the bourse was aiming to double the number of new listings this year and aimed to top the more than $280 million raised via IPOs in 2006.

Some of the bigger listing candidates in Indonesia include state-owned toll road operator PT Jasa Marga, which hopes to raise roughly $300 million this year, and coal miner PT Indo Tambangraya Megah, a unit of Thailand's Banpu Plc BANP.BK, which is looking to raise about $100 million in an IPO.