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Thursday, June 15, 2017

Gas Price Not Fix



The government still has homework to immediately unify revenue among stakeholders in formulating the price of gas produced by Masela Maluku Block. The utilization of the Masela Block gas field requires the existence of an integration industry such as petrochemicals. However, the certainty of the price becomes an expected thing for industry players to continue the investment plan in the gas field.

In a coordination meeting held at the Coordinating Ministry of Maritime Affairs on Monday (1/2), the Ministry of Industry confirmed three companies would build a gas-based petrochemical plant in the Masela Block. They are Pupuk Indonesia, Elsoro Multi Prima, and Sojitz Indonesia. The total requirement for the three reached 474 MMscfd, with the details being Pupuk Indonesia got 214 MMscfd allocation, Elsoro 160 MMscfd, and Sojitz at 100 MMscfd.

The Coordination Meeting also mentioned the gas price quote of US $ 5.86 per MMbtu, above the industry proposal requesting a maximum gas price of US $ 3, S per MMbtu. Minister of Industry Airlangga Hartarto said the government has so far not set up a time scheme for the establishment of a plant from Masela gas exploration. Later, the factory location will adjust to the delivery point in the complex.

"When it comes to gas from Masela to the industry, buyer commitment certainly depends on the price. After that we will discuss PJBG [gas purchase agreement], "said Airlangga.

The Director General of Chemical, Textile and Multifarious Industries (IKTA) of the Ministry of Industry, Achmad Sigit Dwiwarjono, confirmed that the government will collect the commitment of investors after the gas price determination. Currently, Indonesia still imports almost half the raw material of petrochemical industry whose value per year reaches an average of US $ 10 billion

The petrochemical industry is a supplier of raw materials from many sectors such as plastics, textiles, paints, cosmetics, and pharmaceuticals. Until now Indonesia has only petrochemical-based naphtha or oil producers.

Meanwhile, President Director of PT Pupuk Indonesia Aas Asikin will expect to get gas price of US $ 3 per MMBtu. "The point is we want floor price of about US $ 3 per MMBtu. But if we can not, maybe we keep abreast with the record of increasing the price of the product, "said Aas.

Secretary General of Indonesian Plastic and Olefin Industry Association (lnaplas) Fajar Budiyono said that gas price above US $ 5 per MMscfd is less attractive to investors. According to Dawn, it takes a more detailed calculation to get an IRR (internal rate of return) that is appropriate and attractive to investors.

"Probably a maximum of US $ 3.5 per MMbtu to get an IRR at 12.5% ​​and we count it for 25 years. If the gas price is US $ 5.86, the time period should be backed up. Is the gas still available for 25 years 30 years? "Said Fajar Budiyono.

Meanwhile, the management of Inpex Masela Limited as the operator of Masela Block, which controls the participation stake of 65%, has not been able to determine the selling price of gas pipeline and LNG as it awaits the study to be completed.

WAIT STUDY

Vice President of Corporate Services Inpex Nico Muhyiddin explains detailed calculations from the economic and economic aspects obtained at the front end engineering design (FEED) stage which will formulate the plan of development (PoD). "It'll be a long time. Wait for this study process is complete, "he said.

Director General of Oil and Gas at the Ministry of ESDM IGN Wiratmaja Puja said Masela gas utilization is still being discussed. On the other hand, PLN also proposed an allocation of 60 MMscfd for the construction of a power plant with a capacity of 300 megawatts (MW)

IN INDONESIA

Harga Gas Belum Pas


Pemerintah masih mempunyai pekerjaan rumah untuk segera menyatukan pendapatan antara pemangku kepentingan dalam merumuskan besaran harga gas hasil produksi Blok Masela Maluku. Pemanfaatan Iadang gas Blok Masela membutuhkan keberadaan industri integrasi seperti petrokimia. Namun, kepastian harga menjadi hal yang diharapkan pelaku industri untuk meneruskan rencana investasi di ladang gas tersebut.

Dalam rapat koordinasi yang digelar di Kantor Kementerian Koordinator bidang Kemaritiman, Senin (I2/6), Kementerian Perindustrian memastikan tiga perusahaan akan membangun pabrik petrokimia berbasis gas di Blok Masela. Mereka adalah Pupuk Indonesia, Elsoro Multi Prima, dan Sojitz Indonesia. Total kebutuhan untuk ketiganya mencapai 474 MMscfd, dengan perinciannya adalah Pupuk Indonesia mendapat alokasi 214 MMscfd, Elsoro 160 MMscfd, dan Sojitz sebesar 100 MMscfd.

Rapat Koordinasi juga menyinggung mengenai penawaran harga gas sebesar US$5,86 per MMbtu, di atas usulan industri yang meminta harga gas maksimal US$3,S per MMbtu. Menteri Perindustrian Airlangga Hartarto menyebutkan pemerintah sejauh ini belum menyusun skema waktu untuk pendirian pabrik dari eksplorasi gas Masela. Nantinya, Iokasi pabrik akan menyesuaikan dengan delivery point di kompleks tersebut.

“Kalau bicara mengenai gas dari Masela untuk industri, komitmen pembeli tentu tergantung pada harga. Setelah itu nanti akan kami bicarakan PJBG [perjanjian jual beli gas]," kata Airlangga.

Dirjen Industri Kimia, Tekstil, dan Aneka (IKTA) Kementerian Perindustrian Achmad Sigit Dwiwarjono memastikan bahwa pemerintah akan menagih komitmen para investor setelah penetapan harga gas. Saat ini, Indonesia masih mengimpor nyaris setengah bahan baku industri petrokimia yang nilainya per tahun mencapai rata-rata US$ 10 miliar

Padahal industri petrokimia merupakan pemasok bahan baku dari banyak sektor seperti plastik, tekstil, cat, kosmetika, dan farmasi. Sampai saat Indonesia hanya memiliki produsen petrokimia berbasis nafta atau minyak.

Sementara itu, Direktur Utama PT Pupuk Indonesia Aas Asikin ldat berekspektasi mendapatkan harga gas senilai US$3 per MMbtu. “Intinya kami tentu ingin floor price-nya sekitar US$3 per MMbtu. Tetapi bila tidak bisa, mungkin kami tetap mengikuti dengan catatan menaikkan harga produk,” ujar Aas.

Sekjen Asosiasi Industri Plastik dan Olefin Indonesia (lnaplas) Fajar Budiyono menilai harga gas di atas US$5 per MMscfd kurang menarik bagi investor. Menurut Fajar, perlu perhitungan yang lebih detail untuk mendapatkan IRR (internal rate of return) yang sesuai dan menarik bagi investor.

“Mungkin maksimal di US$3,5 per MMbtu untuk dapat IRR di 12,5% dan kami menghitungnya untuk 25 tahun. Kalau harga gasnya US$5,86, jangka waktunya harus mundur. Apakah gasnya masih tersedia untuk 25 tahun 30 tahun?” kata Fajar.

Sementara itu, manajemen Inpex Masela Limited sebagai operator Blok Masela yang menguasai saham partisipasi sebesar 65 %, belum bisa menetapkan harga jual gas pipa maupun LNG karena harus menanti kajian selesai.

TUNGGU STUDI

Vice President Corporate Services Inpex Nico Muhyiddin menjelaskan perhitungan secara detail dari sisi keteknisan dan keekonomian diperoleh pada tahap desain detail proyek atau (front end engineering design/FEED) yang akan memformulasikan rencana pengembangan lapangan (plan of development/PoD). “Nanti masih lama. Tunggu proses studi ini selesai,” ujarnya.

Direktur Jenderal Minyak dan Gas Bumi Kementerian ESDM IGN Wiratmaja Puja mengatakan pemanfaatan gas Masela masih terus dibahas. Di sisi lain, PLN pun mengajukan alokasi 60 MMscfd untuk pembangunan pembangkit listrlk dengan kapasitas 300 megawatt (MW)

Bisnis Indonesia, Page-1, Tuesday, June 13, 2017

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