PT Pertamina (Persero) hopes to immediately obtain certainty of the continued cooperation with Saudi Aramco related to the Cilacap Refinery Project this month. Certainty is needed after a change in the cooperation scheme of the two companies.
Pertamina offers a new cooperation scheme for the Cilacap Refinery Project because the two companies do not immediately agree on the valuation of refinery assets. The refinery project will be carried out with the same scheme used in the Balikpapan Refinery Project, which is a lease.
the Balikpapan Refinery Project
Under this scheme, Pertamina will pay the rental fees for the joint venture with Saudi Aramco which is building a new refinery unit at the Cilacap Refinery Complex. While the refinery unit which is currently in operation remains the property of Pertamina.
Saudi Aramco
Under the new scheme, the Pertamina-Saudi joint venture Aramco will build a new refinery unit. Pertamina Investment Planning and Risk Management Director Heru Setyawan revealed that his party was still waiting for Saudi Aramco's response to the new Cilacap Refinery cooperation scheme.
Pertamina Corporate Secretary Tajudin Noor had said, his party indeed hoped the agreement with Saudi Aramco could be signed as soon as possible. Although there are still a few things that are considered by potential partners, it cannot force them to set a deadline for an agreement.
He explained, his party and Saudi Aramco discussed the benefits obtained by each party through this collaboration. In addition, it also waits if Saudi Aramco requires special treatment (privilege) from the government or company, such as business preconditions.
Although there is no agreement yet, Tajudin stressed that the Cilacap Refinery Project will not be stopped. If indeed it and Saudi Aramco did not reach an agreement, Pertamina would find another partner or work on the refinery project in Central Java.
"We open up opportunities for all partners," he said.
For information, the Cilacap Refinery Project has no significant progress because the two state-owned oil companies did not immediately reach an agreement on the valuation of existing refinery assets.
Nicke Widyawati
Until the last discussion, Pertamina President Director Nicke briefly revealed the difference between the valuations calculated by Pertamina and Saudi Aramco was still very large.
Investor Daily, Page-9, Wednesday, March 4, 2020
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