Decision making related to the continuation of the project for upgrading and upgrading the Cilacap Refinery between PT Pertamina (Persero) and Saudi Aramco is only targeted to be completed in the first quarter of 2020. Negotiations with Saudi Aramco have been going on for around three years since 2016.
Nicke Widyawati
Pertamina's President Director Nicke Widyawati said cooperation with Saudi Aramco in the Cilacap Refinery Project is still ongoing. However, this time, Pertamina offers a new cooperation option where the upgrading project is managed separately from the refinery that is currently operating. The Cilacap Refinery Upgrading Project will be undertaken by a joint venture of Pertamina and Saudi Aramco.
"The target is that in the first quarter of 2020, this [cooperation decision] must be completed," he said in Jakarta.
The cooperation option in which the upgrading project and existing one is separate is also implemented by Pertamina in the Balikpapan Refinery Upgrading Project. Because it is managed by a different company, Pertamina will pay a processing fee (toll fee) if it processes the oil at a new refinery.
"We formed a subsidiary with our partner, then later this company will operate the new refinery. Then later there will be a toll fee, "explained Nicke.
The signing of a joint venture development agreement (JVDA) agreement between Pertamina and Saudi Aramco was first conducted in December 2016, two years after the appointment of Saudi Aramco as a partner in 2014. The JVDA should end in December 2018, but then be extended by six months until June 2019. Then the JVDA was extended to September, then extended a third time until October, and lastly extended until December 2019. So, by continuing to work together until the first quarter of next year, this is the fifth JVDA extended.
One thing that has become an obstacle to negotiations between Pertamina and Saudi Aramco is the valuation of the existing Cilacap Refinery assets. Even though Pertamina has conducted valuations several times. The first valuation is carried out for other purposes so that it is only used as a project estimate. Most recently, the two appointed one company to carry out this valuation.
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%. At present, Pertamina is ready to provide land acquisition for the Cilacap Refinery Project.
In addition, the company is also holding an auction to find a contractor working on early work or site development. The signing of the early work contract is targeted to be carried out in December.
New Partner
At the same time, Pertamina also continues to work on other refinery projects, including the Balikpapan and Dumai Refinery Upgrading Projects. According to Nicke, the oil and gas company from the United Arab Emirates will join the company is working on the two refinery projects.
Mubadala Petroleum
"Mubadala Petroleum and Adnoc [Abu Dhabi National Oil Company] are planned to have a signature. Later President Joko Widodo will go to Abu Dhabi in mid-January 2020, both for the Balikpapan and Dumai refineries. The target is, "he said.
Adnoc [Abu Dhabi National Oil Company]
For the Balikpapan Refinery, Pertamina is doing it alone. However, the company is looking for partners who are interested in funding this project (equity partner). Originally, this chosen partner will be set in December. Pertamina is also looking for partners for the Dumai Refinery Upgrading Project which is targeted to be completed in December 2019.
Not only that, but Pertamina is also considering looking for other options for partners. Previously, Pertamina had actually collaborated with Oman's oil and gas company, Overseas Oil and Gas (OOG) LLc. However, Nicke continued working on projects such as land acquisition and location determination.
Overseas Oil and Gas (OOG)
"The selection of partners can be ongoing," Nicke said.
The Balikpapan Refinery Upgrading Project has entered the construction stage. The Phase I Balikpapan refinery is targeted to be operational in June 2023. While Phase II is targeted to be completed in 2025-2026 and will be able to process high sulfur crude oil with a capacity to increase from 260 thousand BPD to 360 thousand BPD.
While the Dumai Refinery Upgrading Project will increase capacity from 140 thousand BPD to 300 thousand BPD while increasing the processing capability of crude oil with high sulfur content. The project is estimated to have an investment value of US $ 5-8 billion with an operating target in 2027. Finally, the Bontang Refinery Project is planned to have a capacity of 300 thousand BPD and operate in 2026.
IN INDONESIA
Kesepakatan Kilang Cilacap Kembali Tertunda
Pengambilan keputusan terkait kelanjutan proyek perbaikan dan peningkatan kapasitas (upgrading) Kilang Cilacap antara PT Pertamina (Persero) dan Saudi Aramco baru ditargetkan rampung pada triwulan pertama 2020. Negosiasi dengan Saudi Aramco ini sudah berlangsung selama sekitar tiga tahun sejak 2016.
Direktur Utama Pertamina Nicke Widyawati menuturkan, kerja sama dengan Saudi Aramco dalam Proyek Kilang Cilacap masih berlangsung. Hanya saja, kali ini, Pertamina menawarkan opsi kerja sama baru di mana proyek upgrading dikelola terpisah dengan kilang yang sudah beroperasi saat ini. Proyek Upgrading Kilang Cilacap akan dikerjakan oleh perusahaan patungan Pertamina dan Saudi Aramco.
“Targetnya di triwulan pertama tahun 2020, ini [keputusan kerja sama] sudah harus selesai,” kata dia di Jakarta.
Opsi kerja sama di mana proyek upgrading dan yang sudah ada terpisah ini juga diterapkan Pertamina di Proyek Upgrading Kilang Balikpapan. Lantaran dikelola oleh perusahaan yang berbeda, nantinya Pertamina akan membayar biaya pengolahan (toll fee) jika mengolahkan minyaknya di kilang baru.
“Kami membentuk anak perusahaan dengan partner kami, kemudian nanti perusahaan ini yang mengoperasikan kilang baru. Maka nanti ada toll fee,” jelas Nicke.
Penandatanganan perjanjian pembentukan perusahaan patungan (join venture development agreement/JVDA) antara Pertamina dan Saudi Aramco pertama kali dilakukan pada Desember 2016, dua tahun setelah penetapan Saudi Aramco sebagai mitra pada 2014.
JVDA ini harusnya berakhir pada Desember tahun 2018, namun kemudian diperpanjang enam bulan hingga Juni 2019. Kemudian dilakukan perpanjangan JVDA sampai September, selanjutnya diperpanjang ketiga kalinya sampai Oktober, dan terakhir diperpanjang sampai Desember 2019. Sehingga, dengan dilanjutkan kerja sama sampai triwulan pertama tahun depan, ini kali kelima JVDA diperpanjang.
Satu hal yang menjadi kendala negosiasi antara Pertamina dan Saudi Aramco yakni valuasi aset Kilang Cilacap yang sudah ada. Padahal sudah beberapa kali Pertamina melakukan valuasi. Valuasi yang pertama dilakukan untuk keperluan lain, sehingga hanya digunakan sebagai perkiraan proyek saja. Yang terbaru, kedua menunjuk satu perusahaan untuk melakukan valuasi ini.
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%. Saat ini, Pertamina siap menyediakan pengadaan lahan untuk Proyek Kilang Cilacap.
Selain itu, perseroan juga sedang menggelar lelang untuk mencari kontraktor yang menggarap early work atau penyiapan lokasi (site development). Penandatanganan kontrak pekerjaan early work ini ditargetkan dilakukan pada Desember nanti.
Mitra Baru
Bersamaan dengan ini, Pertamina juga meneruskan pengerjaan proyek kilang lainnya, diantaranya Proyek Upgrading Kilang Balikpapan dan Dumai. Menurut Nicke, perusahaan migas asal Uni Emirat Arab bakal bergabung dengan perseroan dalam mengerjakan dua proyek kilang tersebut.
“Mubadala Petroleum dan Adnoc [Abu Dhabi National Oil Company] rencananya akan ada tanda tangan. Nanti Presiden Joko Widodo akan ke Abu Dhabi di pertengahan Januari 2020, baik itu untuk kilang Balikpapan maupun kilang Dumai. Targetnya itu,” ujar dia.
Untuk Kilang Balikpapan, memang dikerjakan sendiri oleh Pertamina. Tetapi, perseroan memang sedang mencari mitra yang berminat ikut mendanai proyek ini (equity partner). Sedianya, mitra terpilih ini bakal ditetapkan pada Desember. Pertamina juga sedang mencari mitra untuk Proyek Upgrading Kilang Dumai yang ditargetkan rampung pada bulan Desember 2019.
Tidak hanya itu, Pertamina juga sedang mempertimbangkan mencari opsi lain untuk mitra. Sebelumnya, Pertamina sebenarnya telah bekerja sama dengan perusahaan migas asal Oman, yakni Overseas Oil and Gas (OOG) LLc. Namun, Nicke melanjutkan pengerjaan proyek seperti pembebasan lahan dan penetapan lokasi tetap berlangsung.
“Pemilihan partner bisa sambil berlangsung,” ujar Nicke.
Proyek Upgrading Kilang Balikpapan sudah masuk tahap konstruksi. Kilang Balikpapan Tahap I ini ditargetkan bisa mulai beroperasi pada Juni 2023. Sementara Tahap II ditargetkan selesai di 2025-2026 dan mampu mengolah minyak mentah kadar sulfur tinggi dengan kapasitas naik dari 260 ribu bph menjadi 360 ribu bph.
Sementara Proyek Upgrading Kilang Dumai akan meningkatkan kapasitas dari 140 ribu bph menjadi 300 ribu bph, sekaligus meningkatkan kemampuan pengolahan hingga minyak mentah dengan kadar sulfur tinggi. Proyek ini diperkirakan memiliki nilai investasi US$ 5-8 miliar dengan target operasi pada 2027. Terakhir, Proyek Kilang Bontang direncanakan memiliki kapasitas 300 ribu bph dan beroperasi pada 2026.
Investor Daily, Page-9, Friday, Dec 13, 2019
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