Pertamina suggested holding partners with share ownership could be 70%
PT Pertamina has a heavy duty in building the Refinery project simultaneously. One of the causes, cash and cash equivalents of this SOE until June 2017 is only US $ 4.3 billion. Meanwhile, refineries projects that will be modernized or built will require about US $ 15 billion with Pertamina's shares reaching 50 percent or 51 percent.
As a result of the huge funding, PT Pertamina can not run the project simultaneously, but reverses one or two years so that the company's financial risk is not too heavy. The reason is that between 60% -70% of funding for refinery projects comes from loans.
Arif Budiman, Finance Director of PT Pertamina, once said that the Balikpapan Refinery Development Master Plan (RDMP) project could cost approximately US $ 4.6 billion. According to the project financing plan, Project Financing is done with a ratio of equity and debt is 25:75. So if so, the loan reached US $ 3.45 billion.
"We expect to come from export credit agencies (ECAs) and international banks that are indicative to support the project initially," said Arif,
Meanwhile, the guarantee of the Tuban refinery project reaches 60%. But the Tuban refinery has not yet determined the financial institution that will become the borrower. When confirmed, External Communication Manager of Pertamina Arya Dwi Paramita has not been able to answer about the refinery project.
"Today (Wednesday) there will be a press conference," he said on Tuesday (31/10).
Ignasius Jonan, Minister of EMR, said that the end of this year will start the construction of Balikpapan RDMP. This agenda is a government commitment to increase refinery capacity to support the increase of oil and gas lifting target.
"The capacity will increase if it is finished from 260,000 barrels per day to 360,000 barrels per day," he said, in Handil Baru,
Samboja, East Kalimantan, Tuesday (31/10).
Currently, Jonan claims to be preparing other refinery development plans including Cilacap and other refineries.
"This is just one refinery, the other will also be completed but it should start work six months from now," he continued. Later President Joko Widodo will inaugurate RDMP Balikpapan.
Energy Economics Observer from UGM Fahmy Radhi stated that funding through loans will incriminate Pertamina.
"If you use project financing earlier, Pertamina can not invest in upstream because it has to pay the pinajman and interest that will cause the burden," said Fahmy.
He gave the solution, namely by establishing partnership with private parties. Private ownership can reach 60% -70%.
IN INDONESIA
Kas Pertamina Tidak Cukup Bangun Enam Kilang
Pertamina disarankan menggandeng mitra dengan kepemilikan saham bisa 70%
PT Pertamina mempunyai tugas berat dalam membangun proyek Kilang secara bersamaan. Salah satu penyebabnya, kas dan setara kas BUMN ini hingga Juni 2017 hanya sebesar US$ 4,3 miliar. Sementara proyek kilang yang akan dimodernisasi atau dibangun membutuhkan dana sekitar US$ 15 miliar dengan catatan saham Pertamina mencapai 50% atau 51%.
Akibat pendanaan yang sangat besar itu, PT Pertamina tidak bisa menjalankan proyek itu secara bersamaan, tetapi memundurkan satu atau dua tahun agar risiko keuangan perseroan ini tidak terlalu berat. Pasalnya antara 60%-70% pendanaan untuk proyek kilang berasal dari pinjaman.
Arif Budiman, Direktur Keuangan PT Pertamina, pernah mengatakan, proyek Refinery Development Master Plan (RDMP) Balikpapan bisa membutuhkan biaya kurang lebih sekitar Us$ 4,6 miliar. Menurut rencana pendanaan proyek tersebut dilakukan secara Project Financing dengan struktur perbandingan equity dan debt adalah 25:75. Maka jika begitu, pinjaman mencapai US$ 3,45 miliar.
"Kami mengharapkan berasal dari export credit agency (ECA) dan perbankan internasional yang secara indikatif awal mendukung proyek ini," ungkap Arif,
Sementara penjaminan proyek Kilang Tuban mencapai 60%. Namun Kilang Tuban belum menentukan lembaga keuangan yang akan menjadi peminjam. Saat dikonfirmasi, External Communication Manager Pertamina Arya Dwi Paramita belum bisa menjawab soal proyek kilang.
"Hari ini (Rabu) akan ada konferensi pres," ujarnya, Selasa (31/10).
Ignasius Jonan, Menteri ESDM, mengatakan akhir tahun ini akan memulai pembangunan RDMP Balikpapan. Agenda ini merupakan komitmen pemerintah menambah kapasitas kilang untuk mendukung peningkatan target lifting migas.
"Kapasitasnya akan bertambah kalau selesai dari 260.000 barel per hari menjadi 360.000 barel per hari," ujarnya, di Handil Baru,
Samboja, Kalimantan Timur, Selasa (31/10).
Saat ini, Jonan mengaku sedang menyusun rencana pengembangan kilang lainnya termasuk Cilacap dan kilang lain.
"Ini baru satu kilang, yang lain juga akan diselesaikan tetapi harus memulai pengerjaannya enam bulan dari sekarang," lanjutnya. Nanti Presiden Joko Widodo akan meresmikan RDMP Balikpapan.
Pengamat Ekonomi Energi dari UGM Fahmy Radhi menyatakan, pendanaan melalui pinjaman akan memberatkan Pertamina.
"Kalau memakai project financing tadi, Pertamina tidak bisa investasi di hulu karena harus bayar pokok pinajman dan bunga yang akan menimbulkan beban," jelas Fahmy.
Ia memberi solusi, yakni dengan menjalin partnership dengan pihak swasta. Kepemilikan swasta bisa mencapai 60%-70%.
Kontan, Page-14, Wednesday, Nov 1, 2017
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