PGN Sales Stagnant Regulation

The fate of gas business of PT Perusahaan Gas Negara (PGN) will slow down. It is predicted that the margin of issuers coded in PGAS stock in Indonesia Stock Exchange (IDX) will continue to shrink because of stumbling blocking rules.

An example is the Presidential Regulation (PP) No 44/2017 on the Determination of Natural Gas Prices. The beleid called on the industry to lower gas prices by a benchmark of US $ 6 per million metric british thermal unit (mmbtu). However, the decline in gas prices was not accompanied by the increase in the tariff for gas transportation or toll fee.

Economics and Energy Observer from Gajah Mada University (UGM) Fahmi Radhi said PGN's business is gas trading and pipeline leasing for downstream gas distribution and final consumers. If PGN's toll fee is still above the cost of production (HPP), PGN still obtains margin from pipeline leasing. However, if the price is set below the HPP, PGN will incur a loss from the Pipeline leasing business sector.

"HPP pipe leasing is calculated from the average operational cost plus the depreciation of investment costs.The setting of the toll fee by the government smaller than the HPP will harm and eliminate the margin of PGN," explained Fahmi

Just so you know, in the financial statements, earnings PGN first quarter of 2017 is decreased compared to the same period last year. In the first quarter of 2016, PGN's profit was still at US $ 100.65 million, while the first quarter-2017 was US $ 96.8 million. During the period of January-March 2017, PGAS distributed 1,542 million standard cubic feet per day (mmscfd) of natural gas. This realization decreased compared to the same period last year, amounting to 1,643 mmscfd.

Fahmi said in the business, the government's decision is not fair. Because the price upstream is raised. On the other hand, PGN should not raise gas prices.

"The unfair market distortion is very real disadvantage for PGN's business," said Fahmi.

PGN Corporate Secretary Rachmat Hutama said it will always follow government policies or decisions, including changes in the selling price of natural gas and Conoco-Phillips to PGN in Batam Region under the Batam I contract.

IN INDONESIA

Penjualan PGN Tersendat Regulasi

Nasib bisnis gas PT Perusahaan Gas Negara (PGN) akan melambat. Diprediksi ke depan margin emiten berkode saham PGAS di Bursa Efek Indonesia (BEI) ini akan terus menyusut lantaran tersandung aturan yang menghambat.

Contohnya adalah Peraturan Presiden (PP) No 44/2017 tentang Penetapan Harga Gas Bumi. Beleid tersebut meminta industri agar menurunkan harga gas dengan patokan US$ 6 per million metric british thermal unit (mmbtu). Namun, penurunan harga gas itu tidak dibarengi kenaikan tarif pengangkutan gas bumi atau toll fee.

Pengamat Ekonomi dan Energi dari Universitas Gajah Mada (UGM) Fahmi Radhi mengatakan, bisnis PGN adalah perdagangan gas dan penyewaan pipa untuk penyaluran gas ke hilir dan konsumen akhir. Bila toll fee PGN masih diatas harga pokok produksi (HPP), PGN masih memperoleh margin dari penyewaan pipa. Namun, apabila harga ditetapkan di bawah HPP, maka PGN akan mengalami kerugian dari Sektor usaha penyewaan pipa. 

"HPP penyewaan pipa diperhitungkan dari rata-rata biaya operasional ditambah depresiasi biaya investasi.  Penetapan toll fee oleh pemerintah yang lebih kecil dari HPP akan merugikan dan menghilangkan margin PGN," jelas Fahmi 

Asal tahu saja, dalam laporan keuangan, laba PGN kuartal I tahun 2017 ini menurun dibandingkan periode yang sama tahun lalu. Kuartal I 2016 laba PGN masih sebesar US$ 100,65 juta, sementara kuartal I-2017 US$ 96,8 juta. Selama periode Januari-Maret 2017, PGAS menyalurkan gas bumi sebanyak 1.542 million standard cubic feet per day (mmscfd). Realisasi ini menurun dibandingkan periode yang sama tahun lalu, sebesar 1,643 mmscfd.

Fahmi menilai dalam berbisnis, keputusan pemerintah itu tidak fair. Pasalnya, harga di hulu dinaikkan. Di sisi lain, PGN tidak boleh menaikkan harga gas. 

"Distorsi pasar yang tidak fair itu sangat nyata merugikan bagi usaha PGN," tegas Fahmi.

Sekretaris Perusahaan PGN, Rachmat Hutama mengatakan, pihaknya akan selalu mengikuti kebijakan atau keputusan pemerintah, termasuk mengenai perubahan harga jual gas bumi dan Conoco-Phillips kepada PGN di Wilayah Batam berdasarkan

kontrak Batam I.

Kontan, Page-18, Monday, August 7, 2017