It has been 25 years for Indonesia to no longer build oil refineries (BBM). As a result, these days, the capacity of existing refineries is well below national fuel requirements. The total fuel import this year is estimated at 98.6 million barrels, of which Premium is the largest of which is 62.06 million and Pertamax 36 million barrels.
Is it wrong to import fuel? Reforminer Institute Executive Director Komaidi Notonegoro said, imports must be done because the condition is forcing it so. Other countries also imported petroleum products to meet their domestic needs. Call it Japan and Singapore, it depends on 100% fuel import.
He said that there is no standard figure which becomes the ideal limit of import portion compared to the fuel needs of one country. Japan and Singapore have no problem fulfilling their needs through imports, these two countries do not have natural resources.
MAP OF OIL REFINERY IN INDONESIA
"But as a country that still has natural resources, we should first optimize the potential that we have. After that, we only import the rest, "he said.
Therefore, the construction of new refineries plays an important role. Probably not to remove the import option, but the construction of refineries, he said could suppress the number of fuel imports.
The data of PT Pertamina proves this, when the Residual Rluid Catalytic Cracking (RFCC) unit at the Cilacap Refinery is completed and the Trans Pacific Petrochemical Refinery of Indotama operates, Premium imports are corrected from 73.7 million barrels to 62 million barrels in one year.
Of course the construction of refineries should not be long-winded. Indonesia must rush to realize additional refinery capacity. "[Import] should be suppressed if the scenario [construction of the refinery] is on time," he stressed.
Indonesia, through Pertamina, has started construction of refineries, both new units and capacity and quality improvement of existing refineries. No half-hearted, six refinery projects will be worked out at once.
Construction of two new units in Tuban, East Java and Bontang, East Kalimantan, and repair of four existing refineries spread across Balongan, West Java; Balikpapan, East Kalimantan; Dumai, Riau; Sorta Cilacap, Central Java.
However, it is not easy to work on this refinery project. The amount of fund needed is huge, the addition of Balongan Refinery capacity requires US $ 1.27 billion, Balikpapan Refinery US $ 5.3 billion, Cilacap Refinery US $ 4.5 billion, Tuban Refinery about US $ 13 billion, and Bontang Refinery about USS8 billion. While Pertamina's ability is limited by other assignments from
government.
As a result, Pertamina revised the refinery project's completion target. In last year's disclosure, when Pertamina was still led by Dwi Soetjipto, the entire refinery project is targeted to be completed by 2023, which also ends imports. In detail, Balikpapan refinery is targeted to be completed by 2019, Tuban refinery in 2021, Cilacap refinery in 2022, as well as Dumai Refinery, Balongan Refinery, and Bontang Refinery in 2023.
Then in the first presentation of Elia Massa Manik as the company's new president director earlier this year, the target is corrected. Precisely, Balikpapan refinery and Balongan new projected completion in 2020, followed Cilacap and Tuban in 2021, Bontang in 2023, as well as the Dumai refinery in 2024. Finally, on exposure to the Commission VII of the House of Representatives, the target was revised settlement Balikpapan refinery back into 2021, Cilacap refinery in 2023, and Bontang refinery in 2024.
Pertamina Finance Director Arif Budiman explained that the revision of this target due to the acceleration of the construction of the refinery project will make the financial burden to accumulate in certain years. Thus, the company's debt ratio to earnings before interest, taxes, depreciation, and amortization (EBITDA) could exceed the safe limit.
"If the schedule yesterday (accelerated), there may be years where 3.5 times (the safety limit debt) was missed, as in 2019-2020," said Arief.
He explained, if you look at the ratio between debt and EBITDA, international company standards ideally below 2 times. However, the ratio of debt to Pertamina EBITDA is currently maintained below 3.5 times. Although, this condition is admitted no problem as long as it can maintain the financial health of the company.
"But ideally for us, for a growing company, maybe [debt to EBITDA ratio] below 3 times," he said.
Moreover project financing is not the only funding model used by the company. Project financing can not cover the entire investment needs of the refinery project, which is only about 60-70% only. The rest, Pertamina must close it with internal cash or other model funding.
However, Deputy Minister of Energy and Mineral Resources (ESDM) Arcandra Tahar quoted President Joko Widodo, stated that the problem of the debt ratio should not be a reason for delay in the refinery project.
The reason, this can be solved by changing the accounting standards of recording financial statements such as PT PLN so that no longer burdened debt of private power producers.
"If we [want], [the completion of the project] refinery in accordance with the initial target," he said.
Pertamina is not doing nothing. Elia Massa Manik revealed, it will discuss with its partners related liability arising from the agreement that Pertamina provide offtake guaranty. As is known, Pertamina is working on improving and increasing the capacity of Cilacap Refinery with Saudi Aramco, while the construction of Tuban Refinery with Rosneft Corporation.
"We will talk with partners how to reduce this exposure liability. Because if we recognize the liability in our book, then the convenant will be reduced. This will be discussed with partners in the steering committee, "he said.
Based on this condition, Komaidi said that the government should intervene, considering the impact of the refinery settlement change will affect Indonesia macro. Primarily, this will have an impact on the stability of the Rupiah exchange rate, as the need for imported foreign exchange will be greater. The aspects of energy and economic resilience are also potentially disrupted if not well prepared.
"I think the government needs to intervene if the conditions are so. [For example] an assignment to Pertamina with financing options from the State Budget or other options is what the government should consider, "he explained.
One of the solutions was initiated by Member of Commission VII DPR RI Dito Ganinduto. According to him, the government needs to immediately pay off the debts of carry over to Pertamina which reached Rp 30 trillion. The reason, in line with Komaidi, the resignation of the refinery settlement schedule will erode the country's foreign exchange and weaken the rupiah. This will actually harm the country even more.
"The figure of Rp 30 trillion is very large and this is a carry over debt. Pertamina's balance sheet will be ugly and this will make it difficult for Pertamina to get funds to build the refinery. So the government should immediately solve this problem, "said Dito.
IN INDONESIA
Ramai-ramai Menanggung Beban Pembangunan Kilang
Sudah 25 tahun ini Indonesia tidak lagi membangun kilang bahan bakar minyak (BBM). Dampaknya, hari-hari ini, kapasitas kilang yang ada jauh di bawah kebutuhan BBM nasional. Secara total impor BBM tahun ini diperkirakan sebesar 98,6 juta barel, di mana porsi Premium merupakan yang terbesar yakni 62,06 juta dan Pertamax 36 juta barel.
Salahkah impor BBM? Direktur Eksekutif Reforminer Institute Komaidi Notonegoro menuturkan, impor harus dilakukan lantaran memang kondisinya memaksa demikian. Negara-negara lain juga mengimpor produk minyak guna memenuhi kebutuhan dalam negerinya. Sebutlah Jepang dan Singapura, justru tergantung pada impor BBM 100%.
Dikatakannya memang tidak ada angka baku yang menjadi batas ideal porsi impor dibanding kebutuhan BBM satu negara. Jepang dan Singapura tidak masalah memenuhi seluruh kebutuhannya melalui impor, dua negara ini memang tidak memiliki sumber daya alam.
“Tetapi sebagai negara yang masih punya sumber daya alam, harusnya kita optimalkan dulu potensi yang kita miliki. Setelah itu, baru sisanya kita impor,” kata dia.
Karenanya, pembangunan kilang baru memegang peranan penting. Mungkin memang tidak sampai menghapus opsi impor, namun pembangunan kilang, disebutnya dapat menekan angka impor BBM.
Data PT Pertamina membuktikan hal ini, ketika unit Residual Rluid Catalytic Cracking (RFCC) di Kilang Cilacap rampung dan Kilang Trans Pacific Petrochemical Indotama beroperasi, impor Premium terkoreksi dari 73,7 juta barel menjadi 62 juta barel dalam
satu tahun.
Tentu saja pembangunan kilang jangan bertele-tele. Indonesia harus bergegas merealisasikan tambahan kapasitas kilang. “ [Impor] harusnya bisa ditekan kalau skenarionya [pembangunan kilang] tepat waktu," tegas dia.
Indonesia, melalui Pertamina, telah memulai pembangunan kilang, baik unit baru maupun peningkatan kapasitas dan kualitas dari kilang yang ada. Tidak tanggung-tanggung, enam proyek kilang akan digarap sekaligus.
Pembangunan dua unit baru di Tuban, Jawa Timur dan Bontang, Kalimantan Timur, serta perbaikan empat kilang eksisting yang tersebar di Balongan, Jawa Barat; Balikpapan, Kalimantan Timur; Dumai, Riau; sorta Cilacap, Jawa Tengah.
Namun, tidak mudah mengerjakan proyek kilang ini. Dana yang dibutuhkan sangat besar, penambahan kapasitas Kilang Balongan membutuhkan dana US$1,27 miliar, Kilang Balikpapan US$5,3 miliar, Kilang Cilacap US$4,5 miliar, Kilang Tuban sekitar US$ 13 miliar, dan Kilang Bontang sekitar USS8 miliar. Sementara kemampuan Pertamina terbatas oleh penugasan-penugasan lain dari
pemerintah.
Alhasil, Pertamina merevisi target penyelesaian proyek kilang. Pada paparan akhir tahun lalu, ketika Pertamina masih dipimpin Dwi Soetjipto, seluruh proyek kilang ditargetkan selesai pada 2023, yang juga mengakhiri impor. Rincinya, Kilang Balikpapan ditargetkan rampung pada 2019, Kilang Tuban pada 2021, Kilang Cilacap pada 2022, serta Kilang Dumai, Kilang Balongan, dan Kilang Bontang pada 2023.
Kemudian pada paparan perdana Elia Massa Manik sebagai direktur utama baru perseroan di awal tahun ini, target tersebut dikoreksi. Tepatnya, Kilang Balikpapan dan Balongan diproyeksikan baru selesai pada 2020, disusul Kilang Cilacap dan Tuban pada 2021, Kilang Bontang pada 2023, serta Kilang Dumai pada 2024. Terakhir, pada paparan kepada Komisi VII DPR RI, target penyelesaikan Kilang Balikpapan kembali direvisi menjadi 2021, Kilang Cilacap pada 2023, dan Kilang Bontang pada 2024.
Direktur Keuangan Pertamina Arif Budiman menjelaskan, revisi target ini lantaran percepatan pengerjaan proyek kilang akan membuat beban keuangan menumpuk di tahun-tahun tertentu. Sehingga, rasio utang perusahaan terhadap pendapatan sebelum bunga, pajak, depresiasi, dan amortisasi (EBITDA) bisa melebihi batas aman.
“Kalau dengan schedule kemarin (dipercepat), mungkin ada tahun-tahun di mana 3,5 kali (batas aman utang) itu terlewat, seperti di 2019-2020,” ujar Arief.
Dijelaskannya, jika menilik rasio antara utang dan EBITDA, standar perusahaan internasional idealnya di bawah 2 kali. Namun, rasio utang terhadap EBITDA Pertamina saat ini dijaga di bawah 3,5 kali. Walaupun, kondisi ini diakuinya tidak masalah selama pihaknya mampu menjaga kesehatan keuangan perusahaan.
“Tetapi idealnya buat kami, buat perusahaan yang berkembang, mungkin [rasio utang terhadap EBITDA] di bawah 3 kali,” kata dia.
Apalagi project financing bukan satu-satunya model pendanaan yang dipakai perusahaan. Project financing tidak dapat menutup seluruh kebutuhan investasi proyek kilang, yakni hanya sekitar 60-70% saja. Sisanya, Pertamina harus menutupnya dengan kas internal atau pendanaan model lainnya.
Namun, Wakil Menteri Energi dan Sumber Daya Mineral (ESDM) Arcandra Tahar mengutip pernyataan Presiden Joko Widodo, menyatakan bahwa masalah rasio utang harusnya tidak menjadi alasan penundaan proyek kilang.
Pasalnya, hal ini bisa diselesaikan dengan mengubah standar akuntansi pencatatan laporan keuangan seperti yang dilakukan PT PLN sehingga tidak lagi terbebani utang produsen listrik swasta.
“Kalau kita [inginnya], [penyelesaian proyek] kilang sesuai dengan target awal,” ujarnya.
Pertamina bukannya tidak melakukan apapun. Elia Massa Manik mengungkapkan, pihaknya bakal membahas dengan mitra-mitranya terkait liability yang timbul dari kesepakatan bahwa Pertamina memberikan offtake guaranty. Seperti diketahui, Pertamina menggarap perbaikan dan peningkatan kapasitas Kilang Cilacap bersama Saudi Aramco, sementara pembangunan Kilang Tuban dengan Rosneft Corporation.
“Kami akan bicara dengan partner bagaimana mengurangi exposure liability ini. Karena kalau diakui liability di buku kami, maka convenant akan berkurang. Ini akan dibahas dengan partner dalam steering comittee,” ujarnya.
Atas kondisi ini, Komaidi menilai pemerintah harus turun tangan, mengingat dampak dari perubahan jadwal penyelesaian kilang akan mempengaruhi Indonesia secara makro. Utamanya, hal ini akan berdampak pada stabilitas nilai tukar Rupiah, karena kebutuhan devisa impor akan makin besar. Aspek ketahanan energi dan ekonomi juga berpotensi terganggu jika tidak disiapkan dengan baik.
“Saya kira pemerintah perlu intervensi jika kondisinya demikian. [Misalnya] penugasan kepada Pertamina dengan opsi pembiayaan dari APBN atau opsi lain merupakan yang perlu menjadi pertimbangan pemerintah,” jelasnya.
Salah satu solusinya dicetuskan oleh Anggota Komisi VII DPR RI Dito Ganinduto. Menurutnya, pemerintah perlu segera melunasi utang carry over kepada Pertamina yang mencapai Rp 30 triliun. Pasalnya, senada dengan Komaidi, mundurnya jadwal penyelesaian kilang akan menggerus devisa negara dan melemahkan Rupiah. Hal ini justru akan merugikan negara lebih besar lagi.
“Angka Rp 30 triliun itu sangat besar dan ini merupakan utang carry over. Neraca Pertamina akan menjadi jelek dan ini menyulitkan Pertamina untuk mendapatkan dana untuk membangun kilang. Jadi pemerintah harus segera menyelesaikan masalah ini,” tegas Dito.
Investor Daily, Page-9, Tuesday, July 4, 2017
No comments:
Post a Comment