Minister of Energy and Mineral Resources (ESDM) Arifin Tasrif encouraged Pertamina to accelerate the completion of six refinery projects that are being worked on. The six refineries each have four upgrading and upgrading capacity projects and two new refinery projects.
"The refinery project is expected to increase oil processing capacity from 1 million barrels per day (BPD) to 2 million BPD," Arifin said when opening the 2019 Pertamina Energy Forum.
The upgrading project is carried out by Pertamina for four existing refineries, namely refineries in Balikpapan, East Kalimantan, Balongan, West Java, Dumai Riau, and Cilacap, Central Java. While the new refinery projects, namely Tuban Refinery in East Java and Bontang Refinery in East Kalimantan. The entire refinery project is rolling. In working on refineries, Pertamina also cooperates with partners.
Pertamina is working on the Tuban refinery with Rosneft Oil Company and Bontang Refinery with Overseas Oil and Gas LLC (OOG). In addition, Pertamina is also working with Saudi Aramco to work on the Cilacap Refinery Project. According to Nicke Widyawati, Pertamina and Saudi Aramco are continuing negotiations on the work on the Cilacap Refinery Project, mainly about valuation.
Overseas Oil and Gas LLC (OOG)
Pertamina prepared two options following the negotiations that were not immediately completed. First, Pertamina and Saudi Aramco will continue to work on the Cilacap Refinery if there is an agreement at the end of this year.
Nicke Widyawati
"If an agreement does not occur, there is a scheme similar to that in the Balikpapan Refinery. Existing refineries are not spun off, so build the refinery yourself. So hopefully there will be an agreement, "She said.
The Cilacap refinery is targeted to start operating in 2025. After upgrading, the crude oil processing capacity of the Cilacap Refinery will increase from 348 thousand barrels per day (BPH) to 400 thousand BPD.
Furthermore, there will be additional production of gasoline (gasoline) 80 thousand BPD, diesel 60 thousand BPD, and aviation fuel of 40 thousand BPD. Fuel production increased significantly because the ability of refineries to process crude oil into finished products (NCI) rose from 74% to 92-98%.
At present, Pertamina is ready to execute the land acquisition for the Cilacap Refinery Project. In addition, the company is also conducting auctions to look for contractors who work on Early Work or site development. The signing of this early work contract is targeted to be carried out in December 2019.
Luhut Binsar Pandjaitan
Previously, Coordinating Minister for Maritime Affairs and Investment Luhut Binsar Pandjaitan said the government would evaluate the Cilacap Refinery Project given there were still differences in the results of valuation conducted by each oil and gas company around the US $ 1.5 billion.
"If it remains that much [the difference in asset valuations], we see other options, there are already other choices," he said.
Balikpapan Refinery
Meanwhile, Pertamina also opened new options for cooperation with Saudi Aramco, an oil and gas company originating from Saudi Arabia, in addition to the Cilacap Refinery Project. Pertamina offers Saudi Aramco the same scheme as the Balikpapan Refinery if there is no detailed agreement on the Cilacap Refinery.
Nicke Widyawati
Pertamina Managing Director Nicke Widyawati said Pertamina and Saudi Aramco were still in the middle of negotiating cooperation in the Cilacap Refinery Project, mainly about valuation. However, Pertamina is also preparing two options following the completion of these negotiations.
First, Pertamina and Saudi Aramco will continue to work on the Cilacap Refinery if there is an agreement at the end of 2019. Second, Pertamina also offers the same scheme as the Balikpapan Refinery Project for the Cilacap Refinery.
"If an agreement does not occur, there is a scheme similar to that in the Balikpapan Refinery. Existing refineries are not spun off, so build the refinery yourself. So hopefully there will be an agreement, "he said.
Pertamina has cooperated with Saudi Aramco to work on this project since 2014. In 2016, both of them even signed an agreement to form a joint venture (Joint Venture Development Agreement / JVDA). However, until now, the two have not yet formed a joint venture, this is because there has not been any agreement on the valuation of assets.
Regarding asset valuation, this is needed to fulfill one of the demands of the Saudi Arabian oil and gas company, namely the asset spin-off to be subsequently included in a joint venture.
However, the problem of asset valuation differences in the Cilacap Refinery has dragged on. The Cilacap refinery is targeted to start operating in 2025. After upgrading, the crude oil processing capacity of the Cilacap Refinery will increase from 348 thousand barrels per day (BPD) to 400 thousand BPD.
Furthermore, there will be additional production of gasoline (gasoline) 80 thousand BPD, diesel 60 thousand BPD, and aviation fuel of 40 thousand BPD. Fuel production increased significantly because the ability of refineries to process crude oil into finished products (NCI) rose from 74% to 92-98%.
IN INDONESIA
Menteri ESDM Dorong Pertamina Percepat Proyek Kilang
Menteri Energi dan Sumber Daya Mineral (ESDM) Arifin Tasrif mendorong Pertamina untuk mempercepat penyelesaian enam proyek kilang yang tengah digarap. Keenam kilang tersebut masing-masing empat proyek perbaikan dan peningkatan kapasitas kilang (upgrading) dan dua proyek kilang baru.
“Proyek kilang ini diharapkan dapat meningkatkan kapasitas pengolahan minyak dari 1 juta barel per hari (bph) menjadi 2 juta bph,” kata Arifin ketika membuka Pertamina Energy Forum 2019.
Proyek upgrading dikerjakan Pertamina untuk empat kilang eksisting, yakni kilang di Balikpapan, Kalimantan Timur, Balongan Jawa Barat, Dumai Riau, serta Cilacap Jawa Tengah. Sementara proyek kilang baru, yakni Kilang Tuban di Jawa Timurdan Kilang Bontang di Kalimantan Timur. Seluruh proyek kilang ini sudah bergulir. Dalam menggarap kilang, Pertamina juga menggandeng mitra.
Pertamina menggarap Kilang Tuban bersama Rosneft Oil Company dan Kilang Bontang dengan Overseas Oil and Gas LLC (OOG). Selain itu, Pertamina juga bekerja sama dengan Saudi Aramco untuk menggarap Proyek Kilang Cilacap. Menurut Nicke, Pertamina dan Saudi Aramco masih melanjutkan negosiasi kerja sama pengerjaan Proyek Kilang Cilacap, utamanya soal valuasi.
Pertamina menyiapkan dua opsi menyusul tidak segera rampungnya negosiasi ini. Pertama, Pertamina dan Saudi Aramco akan melanjutkan pengerjaan Kilang Cilacap jika di akhir tahun ini ada kesepakatan.
“Kalau tidak terjadi kesepakatan, ada skema yang sama dengan di Kilang Balikpapan. Existing kilang tidak di-spin off, jadi bangun kilang sendiri saja. Jadi semoga kesepakatan akan ada,” kata Nicke.
Kilang Cilacap ditargetkan mulai beroperasi pada 2025. Pasca upgrading, kapasitas pengolahan minyak mentah Kilang Cilacap akan naik dari 348 ribu barel per hari Gaph) menjadi 400 ribu bph. Selanjutnya, bakal ada tambahan produksi bensin (gasoline) 80 ribu bph, solar 60 ribu bph, dan avtur 40 ribu bph. Produksi bahan bakar naik signifikan lantaran kemampuan kilang mengolah minyak mentah menjadi produk jadi (NCI) naik dari 74% menjadi 92-98%.
Saat ini, Pertamina siap mengeksekusi pengadaan lahan untuk Proyek Kilang Cilacap. Selain itu, perseroan juga sedang melaksanakan lelang untuk mencari kontraktor yang menggarap Early Work atau penyiapan lokasi (site development). Penandatanganan kontrak pekerjaan early work ini ditargetkan dilakukan pada Desember 2019.
Sebelumnya, Menteri Koordinator Bidang Kemaritiman dan Investasi Luhut Binsar Pandjaitan mengatakan, pemerintah akan mengevaluasi Proyek Kilang Cilacap mengingat masih ada perbedaan hasil valuasi yang dilakukan oleh masing-masing perusahaan migas sekitar US$ 1,5 miliar.
“Kalau masih tetap segitu [selisih valuasi aset], kami melihat pilihan lain, sudah ada pilihan lain,” kata dia.
Kilang Balikpapan
Sementara itu, Pertamina juga membuka opsi baru kerja sama dengan Saudi Aramco, perusahaan migas yang berasal dari Arab Saudi, selain Proyek Kilang Cilacap. Pertamina menawarkan Saudi Aramco skema yang sama dengan Kilang Balikpapan jika tidak ada kesepakatan terkail Kilang Cilacap.
Direktur Utama Pertamina Nicke Widyawati menuturkan, Pertamina dan Saudi Aramco masih melanjulkan negosiasi kerja sama pengerjaan Proyek Kilang Cilacap, utamanya soal valuasi. Namun, Pertamina juga menyiapkan dua opsi menyusul tidak kunjung rampungnya negosiasi ini.
Pertama, Pertamina dan Saudi Aramco akan melanjutkan pengerjaan Kilang Cilacap jika di akhir 2019 ada kesepakatan. Kedua, Pertamina juga menawarkan skema yang sama dengan Proyek Kilang Balikpapan untuk Kilang Cilacap.
“Kalau tidak terjadi kesepakatan, ada skema yang sama dengan di Kilang Balikpapan. Existing kilang tidak di-spin off, jadi bangun kilang sendiri saja. Jadi semoga kesepakatan akan ada," kata dia.
Pertamina telah menggandeng Saudi Aramco untuk menggarap proyek ini sejak 2014 silam. Pada 2016, keduanya bahkan telah menandatangani perjanjian pembentukan perusahaan patungan (Joint Venture Development Agreement/ JVDA). Namun, hingga kini, keduanya belum juga membentuk perusahaan patungan, hal ini lantaran belum ada kesepakalan valusi aset.
Terkait valuasi aset, hal ini dibutuhkan untuk memenuhi salah satu permintaan perusahaan migas Arab Saudi itu, yakni spin-off aset untuk selanjutnya dimasukkan dalam perusahaan patungan (joint venture).
Namun, permasalahan perbedaan valuasi aset Kilang Cilacap ini sudah berlarut-larut. Kilang Cilacap ditargetkan mulai beroperasi pada 2025. Pasca upgrading, kapasitas pengolahan minyak mentah Kilang Cilacap akan naik dari 348 ribu barel per hari (bph) menjadi 400 ribu bph.
Selanjutnya, akan ada tambahan produksi bensin (gasoline) 80 ribu bph, solar 60 ribu bph, dan avtur 40 ribu bph. Produksi bahan bakar naik signifikan lantaran kemampuan kilang mengolah minyak mentah menjadi produk jadi (NCI) naik dari 74% menjadi 92-98%.
Investor Daily, Page-14, Wednesday, Nov 27, 2019
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