Pertamina, PGN eye massive expansion

    Two state energy giants, Pertamina and Perusahaan Gas Negara (PGN), have allocated US$ 6.26 billion in capital expenditure (capex) to finance their expansion throughout 2018, despite financial challenges the companies face.

    The figure is up more than 60 percent from last year, in the wake of the government’s plan to consolidate the two companies into an oil and gas holding firm. Oil and gas firm Pertamina has set aside US$ 5.50 billion in capex this year up 55 percent annually. About 59 percent of the allocated figure will be used to support its upstream business activities, including the development of the newly acquired Mahakam block in East Kalimantan and the Jambaran-Tiung Biru field in East Java.

    Meanwhile, gas distributor PGN plans to spend $668 million in capex this year; a significant jump from the previous $ 300 million. It plans to expand its gas infrastructure nationwide, including by developing more distribution and transmission pipelines as well as household gas networks.

    As global crude prices have started to recover, we hope Pertamina and PGN will be able to yield better financial results, amid their aggressive expansion strategy this year,” said Fajar Harry Sampurno, the State Owned Enterprises Ministry’s deputy for mining, strategic industry and media affairs, on Monday.

    The price of global benchmark Brent crude reached $70.45 per barrel on Monday, after being traded at $ 66.57 per barrel on Jan 2. Pertamina’s revenues climbed by 17 percent year-on-year to $ 42.86 billion throughout 2017, but its net income fell by 24 percent to $2.41 billion.

    The falling income was driven by a 26 percent increase in its cost of goods sold and operating expense in the wake of the governments decision to maintain the prices of Premium gasoline and subsidized Solar diesel.

    Pertamina finance director Arief Budiman said the company would try to tighten its belt, especially considering its plan to make huge investments in the upstream and downstream oil and gas sectors.

“If the government still decides to maintain [Premium and Solar] prices, we will have to more tightly [manage] -our operating expenses,” Arief said.

    Pertamina has estimated it will need around $120 billion to support its business plans within the next decade, one-third of which will be used to finance various refinery projects.

    Pertamina also signed on Sunday a memorandum of understanding with the Bangladesh Power Development Board (BPDB) to develop a combined cycle gas turbine power plant with a capacity of 1,400 megawatts and an investment of $2 billion in Bangladesh.

    BPDB will act as the electricity off-taker of the power plant, which is projected to reach financial closure in 2019 and commence operations in 2022. Meanwhile, the prognosis for PGN’s 2017 net profit is Rp 1.4 trillion, down significantly from the Rp 4 trillion profit it booked in 2016. This was triggered by the government’s decision to slash gas prices in the three industries amid sluggish gas demand last year.

    Between January and September 2017, PGN distributed 767 million standard cubic feet per day (mmscfd) and transmitted 736 mmscfd of gas, down 3.27 and 8.2 percent, respectively, from the same period in 2016.

“The situation might remain this year as there has been no sign of recovery in industrial gas demand,” PGN finance director Nusantara Suyono said.

    Data from PGN show that lndonesia needs to operate gas pipeline networks spanning 57,093 kilometers by 2025 in order to meet the targeted 22 percent contribution from gas to the national energy mix by then. The figure will jump significantly from the required 14,382 pipeline networks in 2016.

    Hence, in an effort to create efficiency in downstream gas management, the government plans to transfer the 57 percent of shares it controls in PGN to Pertamina by March as the latter will be transformed into an oil and gas holding company.

The Jakarta Post, Page-13, Tuesday, Jan 30, 2018

Pertamina to Build PLTG US $ 2 Billion in Bangladesh

    PT Pertamina will build a 1,400 megawatt (MW) gas power plant (PLTG) in Bangladesh next year. The investment value of this project is estimated at US $ 2 billion.

    The realization of this project is marked by the signing of a memorandum of understanding between Pertamina and the Bangladesh Power Development Board (BPDP). The signing was done by Vice President of Power New Renewable Energy Pertamina Ginanjar and Chairman of BPDP Khaled Mahmood, witnessed by President Joko Widodo and Prime Minister of the Republic of Bangladesh Sheikh Hasina in Dhaka.

    The investment value of this PLTG project is estimated at US $ 2 billion or around Rp 26.3 trillion. Project construction is targeted from 2019.

"The construction period for three years after the financial close, is expected to begin construction next year," said Ginanjar.

    Pertamina will build and develop a 1,400 MW capacity PLTG. The project will be connected with a liquefied natural gas (LNG) facility, consisting of Floating Storage and Regasification Units (FSRU), mooring and off loading infrastructure, and subsea or onshore gas pipelines.

    While BPDB will act as a buyer of electricity generated by the integrated facilities. Not only to build PLTG, Pertamina will also supply gas for the project.

"The gas source is from Pertamina portfolio," he said.

    This cooperation is a follow up of the previous memorandum of understanding in the energy sector signed by the Indonesian Ministry of Energy and Mineral Resources (ESDM) with the Ministry of Electricity, Energy and Mineral Resources of Bangladesh on September 15, 2017.

    At that time, Bangladesh's Minister of Electricity, Energy and Mineral Resources Nasrul Hamid offered to cooperate with Indonesia for electricity. Minister Nasrul explained that his company targets to increase its installed power plant capacity to 24 thousand megawatts (MW) by 2021 and reach 40 thousand MW by 2031. Not only does the capacity increase, the country also has a policy to use LNG in power plants. This is because LNG is considered quite competitive with coal in terms of price and more environmentally friendly.

"What we are looking for is a competitive price. We are very pleased if Pertamina wants to build gas infrastructure as well as power plants from gas, "Nasrul said.

IN INDONESIA

Pertamina Bangun PLTG US$ 2 Miliar di Banglades

    PT Pertamina akan membangun pembangkit listrik tenaga gas (PLTG) berkapasitas 1.400 megawatt (MW) di Bangladesh pada tahun depan. Nilai investasi proyek ini diperkirakan mencapai US$ 2 miliar.

    Realisasi proyek ini ditandai dengan ditandatanganinya nota kesepahaman antara Pertamina dan Bangladesh Power Development Board (BPDP). Penandatanganan dilakukan oleh Vice President Power New Renewable Energy Pertamina Ginanjar dan Chairman of BPDP Khaled Mahmood, disaksikan oleh Presiden Joko Widodo dan Perdana Menteri Republik Bangladesh Sheikh Hasina di Dhaka.

    Adapun nilai investasi dari proyek PLTG ini diperkirakan sebesar US$ 2 miliar atau sekitar Rp 26,3 triliun. Konstruksi proyek ditargetkan mulai 2019.

“Masa konstruksi selama tiga tahun setelah financial close, diharapkan sudah bisa mulai konstruksi tahun depan,” kata Ginanjar.

    Pertamina akan membangun dan mengembangkan PLTG kapasitas 1.400 MW. Proyek ini akan terhubung dengan fasilitas penerima gas alam cair (liquefied natural gas/LNG), yang terdiri dari unit penampungan dan regasifikasi terapung (Floating Storage and Regasification Unit/FSRU), infrastruktur mooring dan off loading, serta jalur pipa gas subsea maupun onshore.

    Sementara BPDB akan bertindak sebagai pembeli listrik yang dihasilkan oleh fasilitas terintegrasi tersebut. Tidak sekedar membangun PLTG, Pertamina juga akan memasok kebutuhan gas untuk proyek tersebut.

“Sumber gasnya dari portfolionya Pertamina,” ujar dia.

    Kerja sama ini merupakan tindak lanjut dari nota kesepahaman sebelumnya di sektor energi yang ditandatangani Kementerian Energi dan Sumber Daya Mineral (ESDM) Indonesia dengan Kementerian Listrik, Energi, dan Sumber Daya Mineral Bangladesh pada 15 September 2017 lalu.

    Pada saat itu, Menteri Listrik, Energi, dan Sumber Daya Mineral Bangladesh Nasrul Hamid menawarkan kerja sama kelistrikan kepada Indonesia. Pasalnya, Menteri Nasrul menjelaskan, pihaknya menargetkan dapat meningkatkan kapasitas terpasang pembangkit listriknya menjadi 24 ribu megawatt (MW) pada 2021 dan mencapai 40 ribu MW pada 2031. 

      Tidak sekedar menambah kapasitas, negaranya juga memiliki kebijakan untuk menggunakan LNG di pembangkit listrik. Hal ini karena LNG dinilai cukup bersaing dengan batubara dari sisi harga dan lebih ramah lingkungan.

“Yang kami cari adalah harga yang kompetitif. Kami sangat senang jika Pertamina mau membangun infrastruktur gas sekaligus pembangkit listrik dari gas,” ujar Nasrul.

Investor Daily, Page-9, Tuesday, Jan 30, 2018

Lemigas Cooperate with Ecuador's Espol

    Head of Center for Petroleum and Natural Gas Institute (Lemigas) Patuan Alfon Simanjuntak and Escuela Rector Superior Politecnica del Litoral (ESPOL) Ecuador Cecilia Paredes signed a memorandum of understanding (MOU) in Research Cooperation.

 memorandum of understanding (MOU)

    In his message via Whatsapps, Ambassador of the Republic of Indonesia to Ecuador Diennaryati Tjokrosuprihatono who attended the signing ceremony, told Antara in Jakarta Monday, ESPOL is the best educational institution in Ecuador.

"The signing of the MoU was held at the ESPOL campus in Guayaquil on Saturday (27/1)," She said, as quoted by Antara.

    In this MoU both parties agree among others joint research activities and exchange researchers; collaboration in consultation services among others old well management, technological improvement; development of international standard laboratories, personnel competence education, collaboration in trainings, conferences, workshops, seminars and student internships.

"Both sides have pioneered to work together since a year and a half ago," said Ambassador Diennaryati.

    According to Diennaryati, Lemigas will become a technical assistant for ESPOL's laboratory in developing oil and gas laboratories to become an international-scale laboratory as the primary goal. In addition, many activities need to be done in the field of research and education to educate the personnel in a reliable laboratory and also to develop business together.

    A number of oil and gas service entrepreneurs include Eduardo Lopez Robayo, CEO of Sertecpet, a petroleum service company that owns the equipment manufacturing plants needed for oil and gas production and has a number of inventions including oil and gas lifting pumps. His invention has been patented in several countries including the United States, the Middle East, Russia and Latin America.

Eduardo Lopez Robayo, CEO of Sertecpet

 

IN INDONESIA

Lemigas Kerja Sama dengan Espol Ekuador

    Kepala Pusat Lembaga Minyak dan Gas Bumi (Lemigas) Patuan Alfon Simanjuntak dan Rektor Escuela Superior Politecnica del Litoral (ESPOL) Ekuador Cecilia Paredes menandatangai memorandum kesepahaman (MOU) dalam Kerja Sama Riset.

    Dalam pesannya rnelalui Whatsapps, Duta Besar Republik Indonesia untuk Ekuador Diennaryati Tjokrosuprihatono yang turut hadir dalam acara penandatanganan tersebut, mengatakan kepada Antara di Jakarta Senin, ESPOL merupakan institusi pendidikan terbaik di Ekuador.

“Penandatanganan MoU dilangsungkan di kampus ESPOL di Guayaquil pada Sabtu (27/1) ,” katanya, seperti dikutip Antara.

    Dalam MoU ini kedua pihak menyepakati antara lain aktivitas penelitian bersama dan pertukaran peneliti; kolaborasi dalam pelayanan konsultasi antara lain manajemen sumur tua, peningkatan teknologi; pengembangan laboratorium berstandar internasional, pendidikan kompetensi personel, kolaborasi dalam pelatihan, konferensi, lokakarya, seminar dan program magang mahasiswa.

“Kedua pihak telah merintis untuk bekerja sama sejak satu setengah tahun lalu,” kata Duta Besar Diennaryati.

    Menurut Diennaryati, Lemigas akan menjadi asisten teknik bagi laboratorium ESPOL dalam pengembangan laboratorium minyak dan gas untuk menjadi laboratorium yang berskala internasional sebagai tujuan utama. Selain itu banyak kegiatan yang perlu dilakukan dalam bidang penelitian dan pendidikan untuk mendidik para personel di laboratorium yang handal dan juga untuk mengembangkan bisnis bersama.

    Sejumlah pengusaha layanan di bidang minyak dan gas antara lain Eduardo Lopez Robayo, CEO Sertecpet, perusahaan layanan dalam bidang perminyakan yang memiliki pabrik pembuatan alat yang dibutuhkan dalam memproduksi minyak dan gas serta memiliki sejumlah penemuannya antara lain pompa lifting minyak dan gas. Penemuannya telah dipatenkan di beberapa negara termasuk Amerika Serikat, kawasan Timur Tengah, Rusia dan Amerika Latin.

Investor Daily, Page-9, Tuesday, Jan 30, 2018

2018, Pertamina Pays US $ 5.5 Billion Investment

    PT Pertamina (Persero) will issue an investment of up to US $ 5.59 billion this year. The amount rose 55.27 percent from last year's realized investment of US $ 3.6 billion. The increase in investment is in line with the increasing number of projects undertaken by the company.

    Pertamina Investment and Risk Management Planning Director Gigih Prakoso said the company's capital expenditure was recorded at US $ 3.6 billion, with investment in the upstream sector still dominated. This year, the company will issue 55.27% higher investment fund from last year.

"For budget capex (capital expenditure / capital expenditure) 2018 is planned US $ 5.59 billion," he said when exposure in Commission VI of the House of Representatives of the Republic of Indonesia

    According to him, capital spending this year is mostly still allocated to the upstream sector, which reached 59% or equivalent to US $ 3.29 billion. This figure rose 31.6% from upstream investment realization in 2017 amounted to US $ 2.5 billion. There are at least three major upstream projects to be funded this year.

"For the upstream sector development includes the development of the Jambaran-Tiung Biru Field, the management of the Mahakam block, and geothermal development," he explained.

    The company is also tasked with the government to manage eight oil and gas blocks that have finished their contracts this year. According to Pertamina Finance Director Arif Budiman, his side has set aside funds for the management of these eight blocks. However, considering the company's management has not been done since the beginning of the year, the expenditure for the eight blocks is not too big.

"The new possibility is 2019 investment (for eight oil and gas blocks termination)," he said.

    Furthermore, US $ 1 billion will be used to fund the refinery project. To be exact, US $ 838 million was spent on processing and petrochemical mills, while US $ 167 million for the processing sector.

    The megaprojects budget rose 101.9 percent from last year's realization of US $ 415 million and processing increased 543.3 percent from 2017's realization of US $ 26 million.

    In the processing and petrochemical sector, the company is working on many projects. Pertamina is currently working on the Refinery Development Masterplan Program (RDMP) of four refineries, the construction of two new refineries, and the Blue Sky Program of Cilacap Refinery. In addition, the company will also undertake projects to increase the flexibility of refinery crude oil and the development of derivative products.

    The company targets refinery capacity to increase to 2 million barrels per day by 2025. Similar to the allocation of processing funds, the company also budgeted US $ 838 million to work on the marketing sector.

    The budget rose 115.42 percent from last year's realized investment of US $ 389 million. For marketing, investments for strengthening supply and distribution infrastructure, such as the construction of fuel and pipeline terminals. Then also for the rejuvenation of the ship, "said Gigih.

    The company will also continue to extend the reach of the One Fuel Price Program by 50 points in 2018. The remaining is Pertamina with an investment fund of US $ 279 million for gas business developers. The investment budget rose 87.24% from the previous year's realization of US $ 149 million. These funds will be used for the development of gas network and Gas Filling Station (SPBG).

    Then, the budget for research and others amounted to US $ 167 million or up 39.17% from last year's realization of US $ 120 million. Admittedly Persistent, it faces a number of obstacles in realizing this year's investment plan. However, it has also prepared a plan to overcome them. First, the limited capacity of investment as the impact of the assignment to the company's operating cash flow.

    In implementing the investment, there are several obstacles, namely the limitation of investment kapatisas because there is an impact of assignment to the company's operating cash flow.

"The solution will partner with strategic partners who have investment capacity and seek innovative funding solutions," he said.

    Another challenge, related to the procurement of land for investment needs. It will deal with this by working with landowners as well as with local government in terms of providing land for public interest.

Profit and Receivables

    Despite the significant increase in investment, the company does not project a higher profit from last year's US $ 2.4 billion. One of them is because of the government policy not to raise the price of Fuel Oil (BBM). However, this policy is not a problem for the company.

"Even if the assumption does not rise (fuel price), hopefully could reach US $ 2.4 billion," said Arif.

    In 2017, Pertamina President Director Elia Massa Manik said, the company's performance last year was very good. It recorded an un-audited revenue of US $ 42.86 billion, up 17 percent compared to US $ 36.49 billion in 2016. Furthermore, although Indonesia Crude Price (ICP) rose 27%, the company also recorded profit.

"There is no price adjustment policy of Premium and Solar products in Indonesia, according to the decision of the Ministry of Energy and Mineral Resources, until the first quarter. This affects the company's net profit decline in 2017 compared to 2016 from US $ 3.15 billion to US $ 2.41 billion, "he said.

    On that occasion, it was revealed also that until 2016 the government debt to Pertamina in the form of fuel subsidy and unpaid LPG of Rp 22 trillion. While in 2017 reached Rp3 trillion. According to Pertamina Finance Director Arief Budiman, the government has already paid the debt arrears, although not yet fully.

"With regard to our accounts receivable from the government is often asked and the payments have been repaired. Total government receivables to Pertamina has been audited by BPK, "he said.

    He explained that besides the government, Pertamina also has receivables from the Indonesian Armed Forces (TNI) and the receivables of conversion policy to fishermen.

"The receivables to BMP TNI are still around Rp 3.5 trillion or still in the current year, because the previously paid by the Ministry of Finance in 2016," he said.

    He said the receivables due to the conversion of fuel to fishermen is not too large value.

IN INDONESIA

2018, Pertamina Keluarkan Investasi US$ 5,5 Miliar

    PT Pertamina (Persero) akan mengeluarkan investasi hingga US$ 5,59 miliar pada tahun ini. Jumlah tersebut naik 55,27% dari realisasi investasi tahun lalu sebesar US$ 3,6 miliar. Kenaikan investasi ini seiring makin banyaknya proyek yang dikerjakan perseroan.

    Direktur Perencanaan Investasi dan Manajemen Resiko Pertamina Gigih Prakoso mengatakan, realisasi belanja modal perseroan tercatat sebesar US$ 3,6 miliar, dengan masih didominasi investasi di sektor hulu. Tahun ini, perseroan akan mengeluarkan dana investasi lebih tinggi 55,27% dari tahun lalu.

“Untuk penganggaran capex (capital expenditure/belanja modal) 2018 direncanakan US$ 5,59 miliar," kata dia saat paparan di Komisi VI Dewan Perwakilan Rakyat Republik Indonesia

    Menurut dia, belanja modal tahun ini sebagian besar masih dialokasikan untuk sektor hulu, yakni mencapai 59% atau setara dengan US$ 3,29 miliar. Angka ini naik 31,6% dari realisasi investasi hulu pada 2017 sebesar US$ 2,5 miliar. Setidaknya terdapat tiga proyek utama sektor hulu yang harus didanai pada tahun ini.

“Untuk pengembangan sektor hulu meliputi pengembangan Lapangan Jambaran-Tiung Biru, alih kelola Blok Mahakam, dan pengembangan geothermal,” jelasnya.

    Perseroan juga ditugaskan pemerintah untuk mengelola delapan blok migas yang selesai kontraknya pada tahun ini. Menurut Direktur Keuangan Pertamina Arif Budiman, pihaknya sudah menyisihkan dana untuk pengelolaan delapan blok ini. Namun mengingat pengelolaannya tidak dilakukan perseroan sejak awal tahun, pengeluaran untuk delapan blok ini belum terlalu besar.

“Kemungkinan baru 2019 investasinya (untuk delapan blok migas terminasi),” ujarnya.

    Selanjutnya, sebesar US$ 1 miliar akan digunakan untuk mendanai proyek kilang. Tepatnya, sebesar US$ 838 juta dikeluarkan untuk pengerjakan megaproyek pengolahan dan petrokimia, sementara US$ 167 juta untuk sektor pengolahan.

    Anggaran megaproyek naik 101,9% dari realisasi tahun lalu US$ 415 juta dan pengolahan meningkat 543,3% dari realisasi 2017 sebesar US$ 26 juta.

    Di sektor pengolahan dan petrokimia, perseroan mengerjakan banyak proyek. Pertamina kini sedang menggarap Refinery Development Masterplan Program (RDMP) empat kilang, pembangunan dua kilang baru, dan Program Langit Biru Kilang Cilacap. Selain itu, perseroan juga akan mengerjakan proyek peningkatan fleksibilitas minyak mentah kilang dan pengembangan produk turunan.

    Perseroan menargetkan kapasitas kilang bisa naik menjadi 2 juta barel per hari pada 2025. Sama dengan alokasi dana pengolahan, perseroan juga menganggarkan US$ 838 juta untuk menggarap sektor pemasaran.

    Anggaran ini naik 115,42% dari realisasi investasi tahun lalu sebesar US$ 389 juta. Untuk pemasaran, investasi untuk penguatan infrastruktur pasokan dan distribusi, seperti pembangunan terminal BBM dan pipa. Kemudian juga untuk peremajaan kapal,” ujar Gigih.

    Perseroan juga akan terus menambah jangkauan Program Bahan Bakar Minyak (BBM) Satu Harga sebanyak 50 titik pada 2018. Sisanya, Pertamina menganggarkan dana investasi sebesar US$ 279 juta untuk pengembang bisnis gas. Anggaran investasi tersebut naik 87,24% dari realisasi tahun sebelumnya US$ 149 juta. Dana ini diantaranya akan digunakan untuk pengembangan jaringan gas dan Stasiun Pengisian Bahan bakar Gas (SPBG).

    Kemudian, anggaran untuk riset dan lain-lain sebesar US$ 167 juta atau naik 39,17% dari realisasi tahun lalu US$ 120 juta. Diakui Gigih, pihaknya menghadapi sejumlah hambatan dalam merealisasikan rencana investasi tahun ini. Meski demikian, pihaknya juga sudah menyiapkan rencana untuk mengatasinya. Pertama, adanya keterbatasan kapasitas investasi sebagai dampak penugasan terhadap arus kas operasional perusahaan.

    Dalam melaksanakan investasi, ada beberapa hambatan yaitu keterbatasan kapatisas investasi karena ada dampak penugasan terhadap arus kas operasional perusahaan.

“Solusinya akan bermitra dengan mitra strategis yang memiliki kapasitas investasi serta mencari solusi pendanaan yang inovatif,” katanya.

    Tantangan lainnya, terkait pengadaan lahan untuk kebutuhan investasi. Pihaknya akan mengatasi hal ini dengan bekerja sama dengan pemilik lahan maupun dengan pemerintah daerah setempat dalam hal penyediaan lahan untuk kepentingan umum.

Laba dan Piutang
    Meski investasi naik signifikan, perseroan tahun ini tidak memproyeksikan laba yang lebih tinggi dari tahun lalu, yakni US$ 2,4 miliar. Salah satunya karena adanya kebijakan pemerintah untuk tidak menaikkan harga Bahan Bakar Minyak (BBM). Meski demikian, kebijakan ini tidak menjadi masalah bagi perseroan.

“Kalaupun dengan asumsi tidak naik (harga BBM), mudah-mudahan bisa mencapai US$ 2,4 miliar,” kata Arif.

    Pada 2017 lalu, Direktur Utama Pertamina Elia Massa Manik menuturkan, kinerja perusahaan pada tahun lalu sangat bagus. Pihaknya mencatatkan pendapatan (un-audited) sebesar US$ 42,86 miliar atau naik 17% dibandingkan realisasi 2016 yang sebesar US$ 36,49 miliar. Selanjutnya, meski harga minyak mentah Indonesia (Indonesian Crude Price/ICP) naik hingga 27%, perseroan juga masih mencatatkan laba.

“Memang belum ada kebijakan penyesuaian harga produk Premium dan Solar yang ada di Indonesia, sesuai keputusan Kementerian ESDM, hingga kuartal pertama. Hal ini berimbas pada terjadinya penurunan laba bersih perusahaan di 2017 dibanding 2016 yaitu dari US$ 3,15 miliar menjadi US$ 2,41 miliar" tuturnya.

    Pada kesempatan itu, terungkap juga bahwa hingga tahun 2016 utang pemerintah ke Pertamina berupa subsidi BBM dan elpiji yang belum terbayarkan sebesar Rp 22 triliun. Sedangkan pada tahun 2017 mencapai Rp3 triliun. Menurut Direktur Keuangan Pertamina Arief Budiman Pemerintah sudah membayar tunggakan utang, meskipun belum bisa seluruhnya.

“Terkait piutang kami di pemerintah sering ditanyakan dan pembayarannya sudah ada perbaikan. Total piutang pemerintah kepada Pertamina tersebut sudah diaudit BPK,” ujarnya.

    Ia menjelaskan, selain pemerintah, Pertamina juga memiliki piutang pada Tantara Nasional Indonesia (TNI) dan piutang kebijakan konversi kepada nelayan.

“Piutang kepada BMP TNI masih sekitar Rp 3,5 triliun atau masih dalam tahun berjalan, karena yang sebelum-sebelumnya sudah dilunasi oleh Kementerian Keuangan di tahun 2016,” ujarnya.

Ia mengatakan piutang akibat konversi BBM kepada nelayan nilainya tidak terlalu besar.

Investor Daily, Page-9, Tuesday, Jan 30, 2018

Pertamina Prepares Capex US $ 5.59 Billion this Year

    PT Pertamina (Persero) is likely to expand. This state-owned company increased capital expenditure (capex) in 2018 about US $ 5.59 billion. Last year, Pertamina budgeted US $ 3.6 billion capex.

    Director of Investment Planning and Risk Management of Pertamina Gigih Prakoso said capital expenditure in the upstream sector has always dominated this SOE investment.

 "Last year, Pertamina's upstream investment reached US $ 2.5 billion," said Gigih.

    This year Pertamina budgeted upstream oil and gas investment reached 59% or US $ 3.29 billion. The fund is for the development of the Tiung Biru Jambaran field, instead of managing the Mahakam Block and geothermal development. In marketing, Pertamina has budgeted 15 percent of capex or US $ 838 million, up from last year's US $ 389 million.

    Capex marketing used increased supply and distribution infrastructure. Capex also for the rejuvenation of ships and the implementation of one price Fuel in the Disadvantaged, Outstanding and Outermost (ST) of 50 points.

    In addition to marketing, Pertamina budgeted the investment for the Directorate of Processing and Petrochemical Megaprojects by 15% or US $ 838 million. In the past year Pertamina only budgeted capex megaproyek processing and petrochemicals of US $ 415 million. Then the processing capex is US $ 167 million. The remaining gas projects are US $ 279 million and supporting research is around US $ 167 million.

IN INDONESIA

Pertamina Siapkan Capex US$ 5,59 Miliar di Tahun ini

    PT Pertamina (Persero) sepertinya akan berekspansi. BUMN ini meningkatkan belanja modal atau capital expenditure (capex) tahun 2018 sekitar US$ 5,59 miliar. Sementara tahun lalu, Pertamina menganggarkan capex sebesar US$ 3,6 miliar.

    Direktur Perencanaan Investasi dan Manajemen Risiko Pertamina Gigih Prakoso mengatakan, belanja modal di sektor hulu selalu mendominasi investasi BUMN ini.

 "Tahun lalu, investasi hulu Pertamina mencapai US$ 2,5 miliar," kata Gigih.

    Pada tahun ini Pertamina menganggarkan investasi hulu migas mencapai 59% atau sebesar US$ 3,29 miliar. Dana tersebut untuk pengembangan lapangan Jambaran Tiung Biru, alih kelola Blok Mahakam dan pengembangan geotermal. Di bidang pemasaran, Pertamina menganggarkan capex sebesar 15% atau sebesar US$ 838 juta, naik dibandingkan tahun lalu sebesar US$ 389 juta.

    Capex pemasaran digunakan peningkatan infrastruktur pasokan dan distribusi. Capex juga juga untuk peremajaan kapal dan pelaksanaan BBM satu harga di kawasan Tertinggal, Terdepan dan Terluar (ST) sebanyak 50 titik.

    Selain pemasaran, Pertamina menganggarkan investasi untuk Direktorat Megaproyek Pengolahan dan Petrokimia sebesar 15% atau sebesar US$ 838 juta. Pada tahun lalu Pertamina hanya menganggarkan capex megaproyek pengolahan dan petrokimia sebesar US$ 415 juta. Lalu capex pengolahan US$ 167 juta. Sisanya proyek gas US$ 279 juta dan riset pendukung sekitar US$ 167 juta.

Kontan, Page-14, Tuesday, Jan 30, 2018

Capacity Refinery 2 Million BPD

    PT Pertamina (Persero) accelerate the expansion of refinery development in line with the increase of domestic oil and gas demand. President Director of PT Pertamina (Persero) Elia Massa Manik stated that this year the company has budgeted capital expenditure with a 37 percent increase compared to last year.

"The increase is mostly used for capital expenditure upstream sector," he said in the House of Representatives building.

    Total capital expenditure this year reached USD 5.59 billion. Last year, the company's Capex only reached USD 3.6 billion. The largest capital expenditure is used for upstream development of 59 percent. As for the processing of petrochemicals can reach 15 percent of the total budget.

    This includes the development of several refinery projects. Among other things, the development of RDMP (Refinery Development Master Plan), GRR (gross root refinery), PLBC, increased flexibility of refinery crude, and the development of derivative products.

    The company currently develops 4 RDMP and 2 GRR. The total funds spent by the company for the project development reached USD 55 billion. The project is expected to increase the company's total refinery capacity by 2 million barrels per day (bpd) by 2025.

    In 2018, the company targets the total refinery capacity to reach 1 million barrels per day. The increase in refinery capacity is also targeted to improve the quality of the company's fuel production such as the Euro 4 development which will be implemented by the government in October 2018.

    In 2021, the company targets refinery capacity to increase to 1.1 million barrels with the operation of RDMP Balikpapan phase I. In 2023, the total refinery capacity is expected to increase to 1.3 million barrels per day.

Rosneft Russia

     

    Furthermore, in 2024, the company's refinery capacity will again increase to 1.7 million barrels per day with the operation of the GRR Tuban project. The project is planned to partner with Rosneft Russia. In the same year, Dumai RDMP also operated. Peak, by 2025, the company's refinery capacity will increase to 2 million barrels per day.

Jawa Pos, Page-6, Tuesday, Jan 30, 2018

2 Oil and Gas giant issues Rp 83 trillion

    The national energy company fund which will merge into the holding company of State-Owned Enterprise (SOE) of oil and gas, PT Pertamina (Persero) and PT Perusahaan Gus Negara (Persero) Tbk. will issue Rp 83.23 trillion capital expenditure.

    PT Pertamina (Persero) has set capital expenditure in 2018 worth US $ 5.59 billion, up 55.27 percent compared to 2017 of US $ 3.6 billion. The capital expenditure is equivalent to Rp 74.35 trillion, assuming an exchange rate of Rp 13,300 per US $.

    Meanwhile, PT Perusahaan Gas Negara (Persero) Tbk. budgeted capital expenditure worth US $ 668 million or Rp 8.88 trillion in 2018 up 304.84% compared to the capital expenditure up until the third quarter / 2017 US $ 165 million.

    PGN will join Pertamina in the parent company of BUMN oil and gas which is targeted to be formed in March 2018. Director of Investment Planning and Risk Management Gigih Prakoso said that the majority of capital expenditure is allocated for the upstream oil and gas business which reaches 59 percent or about US $ 3, 3 billion.

The Mahakam block

 
"In the upstream sector, capital expenditure allocation is used for the development of the Tiung Biru Jambaran field, managing the Mahakam block, and geothermal development," he said.

    Firmly, the second largest allocation of capital expenditure this year is allocated for processing and petrochemical projects by 15 percent or US $ 838 million from the company's total capital expenditure.

"In the processing sector there are several projects such as RDMP [refinery development master plan], GRR [grass root refinery / refinery project, and PLBC [Cilacap blue sky project," he said.

    Pertamina only budgeted 3% or US $ 167 million for the processing sector. In the processing sector will also develop the flexibility of crude oil at the refinery and the development of the derivative products. The state-owned company is budgeting 15% or about US $ 838 million for the marketing sector.

    In that sector, Pertamina plans to strengthen the infrastructure to support the distribution of fuel oil (BBM), especially for fuel and gas pipelines, and used for ship rejuvenation.

    Meanwhile, Penamina admits there are some obstacles to be able to invest even more. Persistent say, one of the big investment allocation every year about US $ 5 billion to US $ 156 billion. To that end, the company will seek a strategic partner to be able to meet the considerable investment needs.

"We will look for strategic partners who have a large investment capacity," he said.

    In addition, Gigih said that land acquisition is also a constraint for the company to invest. Pertamina also coordinates with the local government to solve the problem. Pertamina said the regulatory issue is still a problem in opening foreign investment into the country.

"In fact, the oil and gas industry is risky and high tech. So, we [Pertamina] do need funding and science transfer related to the latest technological developments. In addition, we must also strengthen the structure of capital and work culture, "he said.

EXPANSION TO THE EAST

    Meanwhile, PGN will use capex of Rp 8.88 trillion to be used for the company's expansion into eastern Indonesia. PGN's Commercial Director Danny Praditya said the company has budgeted capital expenditure this year more than last year due to several projects.

"We will use the capital expenditure for the expansion of infrastructure development that can support the development of the Indonesian part of the limur," he said.

    Danny said, in general, the allocation of capital expenditure is used for business development, as well as natural gas infrastructure. In addition, PGN as the operator of natural gas also budgeted operational expenses for the company's business activities.

"The increased allocation of operational expenditure is expected to increase the reliability of the natural gas network, maintain the security level, and increase the sales of natural gas," he said.

    The allocation of PGAS-coded capital expenditure is also going through 2016 capital expenditure which is worth US $ 552 million. Although, the company's capital expenditure this year is still much lower than the 2015 period worth US $ 1.2 billion.

    The allocation of PGN's operating expenditure for this year is US $ 448 million, higher than the capital expenditure until the third quarter of 2017 worth US $ 313 million. Danny admitted that the company tends to issue more selective capital spending in 2017.

"We only add two SPBG [gas refueling stations], it is done along with the spirit of a more selective allocation of capital expenditure," he said.

IN INDONESIA

2 Raksasa Migas Keluarkan Rp 83 Triliun

    Dana perusahaan energi nasional yang akan bergabung menjadi induk usaha Badan Usaha Milik Negara (BUMN) minyak dan gas bumi, PT Pertamina (Persero) dan PT Perusahaan Gus Negara (Persero) Tbk. akan  mengeluarkan belanja modal Rp 83,23 triliun.

    PT Pertamina (Persero) menganggarkan belanja modal pada 2018 senilai US$ 5,59 miliar naik 55,27% dibandingkan dengan 2017 sebesar US$ 3,6 miliar. Belanja modal itu setara dengan Rp 74,35 triliun dengan asumsi nilai tukar Rp 13.300 per US$.

    Sementara itu, PT Perusahaan Gas Negara (Persero) Tbk. menganggarkan belanja modal senilai US$ 668 juta atau Rp 8,88 triliun pada 2018 naik 304,84% dibandingkan dengan serapan belanja modal sampai kuartal III/2017 US$ 165 juta.

    PGN akan bergabung ke Pertamina dalam induk usaha BUMN migas yang ditargetkan terbentuk pada Maret 2018. Direktur Perencanaan Investasi dan Manajemen Risiko Gigih Prakoso mengatakan, belanja modal itu mayoritas dialokasikan untuk bisnis sektor hulu minyak dan gas bumi yang mencapai 59% atau sekitar US$ 3,3 miliar.

“Pada sektor hulu, alokasi belanja modal digunakan untuk pengembangan lapangan Jambaran Tiung Biru, alih kelola Blok Mahakam, dan pengembangan geotermal," ujarnya.

    Gigih menuturkan, alokasi belanja modal terbesar kedua pada tahun ini dialokasikan untuk megaproyek pengolahan dan petrokimia sebesar 15% atau senilai US$ 838 juta dari total belanja modal perseroan.

“Pada sektor pengolahan ada beberapa proyek seperti RDMP [refinery development master plan/revitalisasi kilang minyak], GRR [grass root refinery/proyek kilang barul, dan PLBC [proyek langit biru Cilacap,” tuturnya.

    Pertamina hanya menganggarkan 3% atau US$ 167 juta untuk sektor pengolahan. Pada sektor pengolahan juga akan mengembangkan fleksibilitas minyak mentah pada kilang dan pengembangan produk turunan minyak tersebut. Perusahaan milik negara ini menganggarkan 15% atau sekitar US$ 838 juta untuk sektor pemasaran.

    Pada sektor itu, Pertamina berencana memperkuat infrastruktur demi menopang distribusi bahan bakar minyak (BBM), terutama untuk terminal BBM dan pipa gas, serta digunakan untuk peremajaan kapal.

    Sementara itu, Penamina mengakui ada beberapa hambatan untuk bisa berinvestasi lebih besar lagi. Gigih mengatakan, salah satunya alokasi investasi yang cukup besar setiap tahun sekitar US$5 miliar sampai US$ 156 miliar. Untuk itu, perseroan akan mencari mitra strategis untuk bisa memenuhi kebutuhan investasi yang cukup besar tersebut.

“Kami akan mencari mitra strategis yang memiliki kapasitas investasi yang besar,” ujarnya.

    Selain itu, Gigih menyebutkan pengadaan lahan juga menjadi kendala perseroan untuk berinvestasi. Pertamina pun melakukan koordinasi dengan pemerintah daerah setempat untuk bisa menyelesaikan persoalan tersebut. Pertamina menyebut persoalan regulasi masih menjadi persoalan dalam membuka investasi asing masuk ke dalam negeri.

“Padahal, industri migas itu sifatnya berisiko dan berteknologi tinggi. Jadi, kami [Pertamina] memang membutuhkan pendanaan maupun transfer ilmu terkait perkembangan teknologi terkini. Selain itu, kami juga harus memperkuat struktur permodalan dan budaya kerja,” sebutnya.

EKSPANSI KE TIMUR

    Sementara itu, PGN akan menggunakan belanja modal sebesar Rp 8,88 triliun yang akan digunakan untuk ekspansi perseroan ke wilayah timur Indonesia. Direktur Komersial PGN Danny Praditya mengatakan, perseroan menganggarkan belanja modal pada tahun ini lebih besar dibandingkan dengan tahun lalu karena adanya pengerjaan beberapa proyek.

“Kami akan menggunakan belanja modal itu untuk ekspansi pembangunan infrastruktur yang bisa menunjang pembangunan pada Indonesia bagian limur,” ujarnya.

    Danny menyebutkan, secara umum, alokasi belanja modal itu digunakan untuk pengembangan usaha, serta infrastruktur gas bumi. Selain itu, PGN selaku operator gas bumi juga menganggarkan belanja operasional untuk kegiatan usaha perseroan.

“Alokasi belanja operasional yang juga naik diharapkan bisa meningkatkan keandalan jaringan gas bumi, mempertahankan tingkat keamanan, dan meningkatkan penjualan gas bumi,"

    Alokasi belanja modal emiten berkode PGAS itu pun melewati serapan belanja modal pada 2016 yang senilai US$ 552 juta. Walaupun, belanja modal perseroan pada tahun ini masih jauh lebih rendah daripada periode 2015 yang senilai US$ 1,2 miliar.

    Alokasi belanja operasional PGN pada tahun ini senilai US$ 448 juta, nilai itu lebih besar dibandingkan dengan realisasi belanja modal sampai kuartal III/2017 senilai US$ 313 juta. Danny mengakui, perseroan cenderung mengeluarkan belanja modal lebih selektif pada 2017.

“Kami hanya menambah dua SPBG [stasiun pengisian bahan bakar gas], hal itu dilakukan seiring dengan semangat alokasi belanja modal yang lebih selektif," Katanya.

Bisnis Indonesia, Page-30, Tuesday, Jan 30, 2018

The Greater, Stronger & Dominant, The Monopoly Gap Must Be Controlled

    Companies that will hold the upstream to downstream sector of oil and gas, in turn are expected to bring efficiency that culminate in price at the consumer level. This is what is expected to arise from the formation of state-owned oil and gas companies. Then how from the aspect of business competition that has been formed?

    Chairman of the Business Competition Supervisory Commission (KPPU), Syarkawi Rauf, said the establishment of oil and gas company holding company will indeed increase the company's capacity. Moreover, PT Pertamina (Persero) and PT Perusahaan Gas Negara (Persero) Tbk. is now a big player.

"Yes, it must be feared other business actors. Pertamina and PGN are big players. Both have a strong gas pipeline infrastructure. If you join in a holding, yes, this will be very big, "he said.

    The establishment of this holding, it affects the more dominant position of the company in the market. The gap of monopoly was increasingly unavoidable. However, it was confirmed that the gap should be controlled with a good supervision scheme. Moreover, this holding scheme becomes one of the exceptions in business competition.

    This is in line with the provisions in Law no. 5/1999 on Prohibition of Monopolistic Practices and Unfair Business Competition. In Article 50 beleid, one of the things that is exempted from the provisions of the act and / or agreement that aims to implement the prevailing laws and regulations.

    Although [un thus, according to him, the exception is not absolute. That is, it does not mean excluded from all types of violations. In this context, the Business Competition Supervisory Commission (KPPU) still has access to perform KPPU's functions. Nevertheless, he acknowledged the Commission would not be free in running surveillance.

    According to him, the Act has been very accommodating to the national strategic interests. Moreover, he expects the holding formation to encourage competition to continue. That is, there is a fair scheme between the two companies so that the healthier.

    Associated with business competition, the formation of this holding should be able to cut the path that has been long enough. Moreover, so far there are distributors who only take margin, without doing infrastructure development.

    Control of the downstream side is expected to have implications for the decline in gas prices. In addition, Syarkawi sees the potential efficiency of the use of gas pipeline is very large. So far, the position of Pertamina and PGN gas pipelines is different so that they can support each other.

    M. Faisal, Director of Research Center of Reform on Economics (Core), argues that state-owned oil and gas holdings should be able to improve the performance of each existing state-owned enterprise (BUMN). Do not let the holding be done and result in loss of the company from the position of profit before being combined.

    In this context, he argues that the masterplan for the use of newly renewable gas and energy will be implemented. He fears the ongoing use of oil into the main energy can drain all of its reserves, especially when prices are low.

    This holding should also be able to eliminate the constraints that have been occurring, especially with regard to gas. Moreover, the nature of gas use is highest in western Indonesia. In fact, the most production in the eastern region of Indonesia. This of course makes access to infrastructure more crucial.

IN INDONESIA

Semakin Besar, Kuat & Dominan, Celah Monopoli Harus Dikontrol

    Perusahaan yang akan memegang sektor hulu hingga hilir migas, pada gilirannya diharapkan mampu memunculkan efisiensi yang berujung pada harga di level konsumen. Inilah yang diharapkan muncul dari pembentukan holding Badan Usaha Milik Negara (BUMN) minyak dan gas. Lalu bagaimana dari aspek persaingan usaha yang selama ini telah terbentuk?

    Ketua Komisi Pengawas Persaingan Usaha (KPPU) Syarkawi Rauf mengatakan, pembentukan holding perusahaan migas milk negara memang akan memperbesar kapasitas perusahaan. Apalagi PT Pertamina (Persero) maupun PT Perusahaan Gas Negara (Persero) Tbk. saat ini sudah menjadi pemain besar.

“Ya, pasti dikhawatirkan pelaku usaha lain. Pertamina dan PGN ini pemain besar. Keduanya punya infrastruktur pipa gas yang kuat. Kalau bergabung dalam satu holding, ya, ini akan sangat besar,” ujarnya.

    Pembentukan holding ini, memang berdampak pada semakin dominannya posisi perusahaan di pasar. Celah monopoli pun semakin tidak terhindarkan. Namun, pihaknya menegaskan celah tersebut harus dikontrol dengan skema pengawasan yang baik. Apalagi, skema holding ini menjadi salah satu pengecualian dalam persaingan usaha.

    Hal ini sejalan dengan ketentuan dalam Undang-Undang No. 5/1999 tentang Larangan Praktik Monopoli dan Persaingan Usaha Tidak Sehat. Dalam Pasal 50 beleid tersebut, salah satu hal yang dikecualikan dari ketentuan yakni perbuatan dan/atau perjanjian yang bertujuan melaksanakan peraturan perundang-undangan yang berlaku.

    Meski[un demikian, menurutnya, pengecualian itu sifatnya tidak absolut. Artinya, tidak berarti dikecualikan dari seluruh jenis pelanggaran. Dalam konteks ini, Komisi Pengawas Persaingan Usaha (KPPU) tetap memiliki akses menjalankan fungsi KPPU. Meski demikian, dia mengakui Komisi memang tidak akan leluasa dalam menjalankan pengawasan.

    Menurutnya, Undang-Undang tersebut sudah sangat akomodatif terhadap kepentingan strategis nasional. Lebih dari itu, dia mengharapkan pembentukan holding bisa mendorong persaingan tetap berlanjut. Artinya, ada skema yang adil antara dua perusahaan tersebut sehingga makin sehat.

    Terkait dengan persaingan usaha, pembentukan holding ini seharusnya mampu memotong jalur yang selama ini cukup panjang. Apalagi, selama ini ada distributor yang hanya mengambil margin, tanpa melakukan pembangunan infrastruktur.

    Penertiban dari sisi hilir diharapkan berimplikasi pada penurunan harga gas. Selain itu, Syarkawi melihat potensi efisiensi penggunaan pipa gas sangat besar. Selama ini, posisi pipa gas milik Pertamina dan PGN berbeda sehingga keduanya bisa saling mendukung.

    Direktur Penelitian Center of Reform on Economics (Core) M. Faisal berpendapat, holding BUMN migas memang harus bisa meningkatkan kinerja masing-masing BUMN yang existing saat ini. Jangan sampai holding dilakukan dan berakibat pada kerugian perusahaan dari posisi untung sebelum digabung.

    Dalam konteks ini, dia berpendapat agar masterplan penggunaan gas dan energi baru terbarukan tetap dilaksanakan. Dia khawatir adanya pemaksaan penggunaan minyak secara terus-menerus menjadi energi utama dapat menguras seluruh cadangannya, terlebih saat harga rendah.

    Holding ini seharusnya juga mampu mengeliminasi hambatan-hambatan yang selama ini terjadi, terutama terkait dengan gas. Apalagi, nature penggunaan gas tertinggi di wilayah barat Indonesia. Padahal, poduksi terbanyak ada di wilayah timur Indonesia. Hal ini tentunya membuat akses infrastruktur semakin krusial.

Bisnis Indonesia, Page-10, Tuesday, Jan 30, 2018

Waiting for a Command From the Presidential Palace

    The dynamics of the debate on the formation of holding State-Owned Enterprises (SOEs) of the oil and gas sector entered a new phase. This happened after the Extraordinary General Shareholders Meeting (RUPSLB) of PT Perusahaan Gas as a holding member of State-owned oil and gas company, agreed to PT. Pertamina Gas (PGAS) entered as a holding member.

    The government is targeting the formation of state-owned oil and gas enterprises, especially the change in PGN status to become one of Pertamina's subsidiaries, in the next 2 months. As usual, the SOE Ministry claims, the holding formation aims for SOEs and subsidiaries to be more efficient and competitive.

    The certainty of holding a state-owned oil and gas company is still waiting for the legal basis in the form of government regulation approved by President Joko Widodo. After the legal provisions are established, Pertamina as the holding leader will conduct a general meeting of shareholders (GMS).

    Based on the previous record, one of the crucial points in EGMS PGAS is that 77.8% of shareholders agree that the company is a member of the holding company of BUMN oil and gas. That is, in principle shareholders agree PGAS will become a subsidiary of Penamjna and release the status of the company.

    In the EGM also there is no inauguration of PGAS's share taking by Pertamina. The reason, it requires legal protection of the Government Regulation Holding BUMN Migas, followed by the AGM Pertamina as the holding company.

    As is known, the establishment of a number of state-owned companies have actually started since several years ago. After holding state-owned cement and manure-owned enterprises, the SOE Ministry is now planning to establish other holding companies including oil and gas and mining companies.

    The presence of Government Regulation No.72 / 2016 provides another legal umbrella for holding formation. The regulation, at least underscoring three things: to reinforce the implementation of state-owned holding companies, to increase government control over state-owned holding companies, and not to regulate the privatization of state-owned enterprises.

    SOE Minister Rini Soemarno said that through Government Regulation no. 72/2016, government supervision of the holding subsidiary of SOE is not lost. Due to the change of directors and commissioners as well as changes to the articles of association must remain under the supervision of the Ministry of SOEs.

    Rini states, as ultimate shareholders the government is obliged to maintain the continuity of the subsidiary as a development agent and a profit maker. The formation of holding aims for the subsidiary pertamina can be sustainable and efficient.
   
    It is legitimate if the government encourages PGN to become a subsidiary of Pertamina on the grounds of efficiency and business continuity. With 100% ownership in the government, Pertamina is very eligible to become the holding company of oil and gas.

GATHERING GOVERNANCE

    The state-owned oil and gas company BUMN, particularly the gas business line, is also claimed to refine gas governance to provide efficiency to gas users. because Pertamina also has a gas business that is intersecting with PGN.

    PGN can take over Pertamina Gas (Pertagas), whereas Pertamina can take over a subsidiary of PGN, PT Saka Energia Indonesia, which owns upstream oil and gas business line. The government has also formed the Implementation Team of Holding BUMN Migas.

Nicke Widyawati

     Nicke Widyawati, Human Resources Director of PT Pertamina as well as Head of Implementation Team of Holding of BUMN Migas, said that there are five sub-elements that will detail further scheme of formation of holding of BUMN oil and gas.

    First, Mission Vision Team tasked to map the structure of Holding BUMN Migas and subholding. Second, the Operations Team to map business process mechanisms between companies within the holding.

    Third, the Transaction Team explaining the integration of PGAS and Pertamina. One of them is the transfer scheme of Pertagas, a subsidiary of Pertamina, to PGAS.

"One of the tasks of the Transaction Team is to create a scheme on how to integrate Pertagas into PGN. What kind of shape, how much value, how the planned capital expenditure / capital spending in the future that is integrated. "

    Fourth, Communication Team and fifth, the HR Team to make HR management from all companies and subsidiaries involved in holding can work more optimally.

"Can not give detail information about the progress of the fifth subtimes. The clear target is the end of March 2018 is complete, "said Nicke Widyawati.

     The stormy news of holding state-owned oil and gas sector should be able to answer the questions of industry players and the public. Is it true that PGN's joining Pertamina will make better gas governance affecting cheaper gas prices? Is it very urgent PGN to become a subsidiary of Pertamina?

 
    Preparation for improved gas trading management has been submitted by President Director of Perusahaan Gas Negara (PGN) Jobi Triananda Hasjim. According to him, after the integration with Pertamina Gas (Pertagas), the company's expansion space will become easier.

    And again, the number of PGN networks could grow to about 10,000 kilometers (km). The length of PGN Network after integration with Pertagas was calculated by looking at the current position of PGN network about 7,500 km, while for the subsidiary of PT Pertamina (Persero) it is about 3,000 km.

"Later when it is integrated with Pertagas, we can work together for the Duri-Dumai network more simply. Because the transmission and distribution network is integrated, "he said.

NOT YET NEEDED

    Separately, an energy observer from Gadjah Mada University (UCM) Fahmi Radi said there is no immediate urgency for the government and the parties to form a holding of oil and gas SOEs. The current requirement is the establishment of a state-owned mine to take over Freeport shares.

    According to him, the state-owned oil and gas BUMN holding scheme, Asset Participation (inbreng) is not appropriate because the government forced PGN to join Pertamina. In fact, the two companies are two different business entities that should not be arbitrary.

"As long as the Government Regulation has not been issued yet, it can still change," he said.

    Fahmi argues that the government should use a bottom up approach that begins by combining similar subsidiaries such as PGN and Pertagas before they enter the holding. PGN and Pertagas often compete to make in-efficiency in building pipelines.

    Holding, he argues, is a necessity when PGN and Pertagas infrastructure can be integrated. If the integration of infrastructure runs sooner or later it will take shape. The holding protection may also be a new company so that PGN and Pertamina do not feel superior.

"If the Asset Investment Scheme (inbreng), Pertagas subsidiary Pertamina more special than PGN because PGN can not refuse and it can be a problem so there is no need to hurry," he added.

    Fahmi said, the government should learn from the process of forming the holding of Cement Indonesia. Holding the state-owned cement takes years to match the vision, culture and other internal factors before it can expand.

    According to him, with the process that goes so far, it is very difficult to avoid perceptions that saw Pertamina really want to take over PGN. Because it has been since a few years ago Pertamina really wanted to take PGN.

"Holding is indeed making Pertamina assets increased and then can seek debt. However, it is too naive if the holding is only to find debt, "he added.

    Fahmi continued, the integration of gas infrastructure owned by PGN and Pertagas can become one of the entry entries of BUMN oil and gas. The reason, President Jokowi since last year has asked to reduce gas prices.

    As is known, through Presidential Regulation No.40 / 2016 on Gas Pricing, the government regulates the industrial gas price of US $ 6 per MMBtu. The price is an economic figure for industry players, especially fertilizer, petrochemical, oleochemical, steel, ceramic, glass and gloves industries.

    Unfortunately, the price determination is still difficult teralisasi because of various obstacles. Currently industry players enjoy gas in kisarasan above US $ 6 per MMBtu so that demand for gas price decline continues to strengthen.

    Chairman of the Forum of Natural Gas User Industry (FIPGB) Achmad Safiun said that the enlargement of business scale after the formation of holding company will make PT Pertamina (Persero) become the holding leader.

    Meanwhile, PT Perusahaan Gas Negara (Persero) Tbk. and PT Pertamina Gas (Pertagas) as subholding concentrate on internal fixing first.

"We do not expect much, bigger will be more complicated," he explained.

    He said the gas issue for the industry could only be solved if the President ordered his staff to comply with the Presidential Regulation set since 2016. Encouraging the gas industry to be more effective becomes the government's goal while holding may be one way.

    Determination of holding form of BUMN oil and gas currently has been in the Presidential Palace. The establishment of state-owned oil and gas holding does not automatically reduce the price of gas because it takes time to fix the internal. On the other hand, allowing government milk companies to compete with each other and inefficiencies are also inappropriate.

IN INDONESIA

Menunggu Perintah Dari Istana Presiden

    Dinamika perdebatan pembentukan holding Badan Usaha Milik Negara (BUMN) sektor minyak dan gas memasuki babak baru. Hal itu terjadi setelah Rapat Umum Pemegang Saham Luar Biasa (RUPSLB) PT Perusahan Gas sebagai anggota holding BUMN migas Negara Tbk., sepakat agar PT. Pertamina Gas (PGAS) masuk sebagai anggota holding.

    Pemerintah menargetkan pembentukan holding BUMN migas khususnya perubahan status PGN menjadi salah satu anak usaha Pertamina selesai dalam 2 bulan ke depan. Seperti biasa, Kementerian BUMN mengklaim, pembentukan holding bertujuan agar BUMN dan anak usaha lebih efisien serta kompetitif.

    Kepastian pembentukan holding BUMN migas masih menunggu landasan hukum berupa peraturan pemerintah yang disetujui Presiden Joko Widodo. Setelah ketetapan hukum ditetapkan, Pertamina selaku pemimpin holding akan melakukan rapat umum pemegang saham (RUPS).

    Berdasarkan catatan sebelumnya, salah satu poin krusial pada RUPSLB PGAS adalah sebanyak 77,8% pemegang saham setuju agar perusahaan menjadi anggota induk usaha BUMN migas. Artinya, secara prinsip pemegang saham setuju PGAS akan menjadi anak usaha Penamjna dan melepaskan status perseroan.

    Dalam RUPSLB tersebut juga tidak ada peresmian pengambilan saham PGAS oleh Pertamina. Pasalnya, hal itu membutuhkan perlindungan hukum Peraturan Pemerintah Holding BUMN Migas, yang dilanjutkan dengan RUPS Pertamina sebagai induk usaha.

    Seperti diketahui, pembentukan holding sejumlah BUMN sebenarnya telah dimulai sejak beberapa tahun lalu. Setelah holding BUMN semen dan BUMN pupuk, kini Kementerian BUMN beurpaya untuk membentuk holding lain termasuk BUMN migas dan tambang.

Kehadiran Peraturan Pemerintah No.72/2016 memberikan payung hukum lainnya untuk pembentukan holding. Peraturan tersebut, sedikitnya menggaris bawahi tiga hal yakni mempertegas pelaksanaan holding BUMN, meningkatkan kontrol pemerintah terhadap perusahaan holding BUMN, dan tidak mengatur privatisasi BUMN.

    Menteri BUMN Rini Soemarno mengatakan bahwa melalui Peraturan Pemerintah No. 72/2016, pengawasan pemerintah terhadap anak usaha holding BUMN tidak hilang. Disebabkan pergantian direksi dan komisaris serta perubahan anggaran dasar harus tetap di bawah pengawasan Kementerian BUMN.

    Rini menyatakan, sebagai ultimate shareholders pemerintah berkewajiban untuk menjaga kelangsungan anak usaha itu sebagai agen pembangunan maupun pencetak laba. Pembentukan holding bertujuan agar anak usaha pertamina dapat sustain dan efisien.

    Sah-sah saja jika pemerintah mendorong PGN untuk menjadi anak usaha Pertamina dengan alasan efisiensi dan kelangsungan usaha. Dengan 100% kepemilikan berada pada pemerintah, Pertamina sangat layak untuk menjadi induk holding migas.

MERAPIKAN TATA KELOLA

    Holding BUMN migas khususnya lini bisnis gas juga diklaim bertujuan merapikan kembali tata kelola gas untuk memberikan efisiensi kepada pengguna gas. karena Pertamina juga memiliki usaha gas yang beririsan dengan PGN.

    PGN dapat mengambil alih Pertamina Gas (Pertagas), sebaliknya Pertamina dapat mengambil alih anak usaha PGN, PT Saka Energia Indonesia yang memiliki lini bisnis hulu migas. Pemerintah pun telah membentuk Tim Implementasi Holding BUMN Migas.

    Nicke Widyawati, Direktur SDM PT Pertamina sekaligus Kepala Tim Implementasi Holding BUMN Migas, mengatakan bahwa terdapat lima subtim yang akan mendetailkan lebih lanjut skema pembentukan holding BUMN migas.

    Pertama, Tim Visi Misi yang bertugas memetakan struktur Holding BUMN Migas dan subholding. Kedua, Tim Operasi untuk membuat peta mekanisme proses bisnis antara perusahaan di dalam holding.

    Ketiga, Tim Transaksi yang menjelaskan integrasi PGAS dan Pertamina. Salah satunya ialah skema pengalihan Pertagas, anak usaha Pertamina, kepada PGAS.

“Salah satu tugas Tim Transaksi ialah membuat skema bagaimana integrasi Pertagas ke PGN. Bentuknya seperti apa, nilainya berapa, bagaimana rencana capital expenditure/belanja modal ke depan yang terintegrasi."

    Keempat, Tim Komunikasi dan kelima, Tim SDM untuk membuat pengelolaan SDM dari seluruh perusahaan dan anak usaha yang terlibat dalam holding dapat bekerja lebih optimal.

“Belum bisa beri informasi detail progres kelima subtim tadi. Yang jelas target ialah akhir Maret 2018 selesai,” kata Nicke Widyawati.

    Kabar Ramainya pemberitaan holding BUMN sektor migas seharusnya bisa menjawab pertanyaan pelaku industri dan masyarakat. Benarkah bergabungnya PGN ke Pertamina akan membuat tata kelola gas menjadi lebih baik yang berdampak pada harga gas yang lebih murah? Apakah sudah sangat urgent PGN menjadi anak usaha Pertamina?

    Persiapan untuk pengelolaan tata niaga gas yang lebih baik sudah disampaikan oleh Direktur Utama Perusahaan Gas Negara (PGN) Jobi Triananda Hasjim. Menurutnya, setelah integrasi dengan Pertamina Gas (Pertagas), ruang ekspansi perseroan akan semakin lebih mudah.

    Dan lagi, jumlah jaringan PGN bisa bertambah menjadi sekitar 10.000 kilometer (km). Panjang Jaringan PGN setelah integrasi dengan Pertagas itu dihitung dengan melihat posisi jaringan PGN saat ini sekitar 7.500 km, sedangkan untuk anak usaha PT Pertamina (Persero) itu sekitar 3.000 km.

“Nanti kalau sudah integrasi dengan Pertagas, kami bisa kerja sama untuk jaringan Duri-Dumai dengan lebih sederhana. Karena jaringan transmisi dan distribusi sudah terintegrasi,” ujarnya.

BELUM PERLU

    Secara terpisah, pengamat energi dari Universitas Gadjah Mada (UCM) Fahmi Radi mengatakan, tidak ada urgensi untuk sesegera mungkin bagi pemerintah dan para pihak membentuk holding BUMN migas.  Kebutuhan saat ini ialah pembentukan holding BUMN tambang untuk mengambil alih saham Freeport.

    Menurutnya, skema holding BUMN migas yang diusulkan pemerintah yakni Penyertaan Aset (inbreng) kurang tepat karena pemerintah memaksa PGN untuk bergabung ke Pertamina. Padahal, kedua perusahaan merupakan dua entitas bisnis yang berbeda sehingga tidak boleh sembarangan.

“Selama Peraturan Pemerintah belum keluar belum sah, jadi putusan itu masih bisa berubah,” ujarnya.

    Fahmi berpendapat, pemerintah seharusnya menggunakan pendekatan bottom up yang diawali dengan menggabungkan anak usaha yang sejenis seperti PGN dan Pertagas sebelum mereka masuk ke holding. PGN dan Pertagas sering bersaing sehingga membuat in-efisiensi dalam membangun jaringan pipa.

    Holding, menurutnya, merupakan keniscyaaan ketika infrastruktur PGN dan Pertagas bisa terintegrasi. Jika integrasi infrastruktur berjalan holding cepat atau lambat akan terbentuk. Perlindungan holding itu bisa juga suatu perusahaan baru sehingga PGN maupun Pertamina tidak merasa lebih superior.

“Kalau skema Penyertaan Aset (inbreng), Pertagas anak usaha Pertamina lebih istimewa dibandingkan dengan PGN karena PGN tidak bisa menolak dan itu bisa menjadi masalah sehingga tidak perlu terburu-buru,” tambahnya.

    Fahmi menuturkan, pemerintah seharusnya belajar dari proses pembentukan holding Semen Indonesia. Holding BUMN semen tersebut membutuhkan waktu bertahun-tahun untuk bisa menyamakan visi, budaya dan faktor internal lainnya sebelum bisa melakukan ekspansi.

    Menurutnya, dengan proses yang berjalan sejauh ini, sangat sulit menghidari persepsi yang melihat Pertamina sangat ingin mengambil alih PGN. Karena sudah sejak beberapa tahun lalu Pertamina memang sangat ingin mengambil PGN.

“Holding memang membuat aset Pertamina bertambah kemudian bisa mencari utang. Namun, terlalu naif kalau holding hanya untuk cari utang," tambahnya.

    Fahmi melanjutkan, integrasi infrastruktur gas milik PGN dan Pertagas dapat menjadi salah satu pintu masuk holding BUMN migas. Pasalnya, Presiden Jokowi sejak tahun lalu telah meminta untuk menurunkan harga gas.

    Seperti diketahui, melalui Peraturan Presiden No.40/2016 tentang Penetapan Harga Gas Bumi, pemerintah mengatur harga gas industri sebesar US$6 per MMBtu. Harga tersebut menjadi angka ekonomis bagi pelaku industri khususnya industri pupuk, petrokimia, oleokimia, baja, keramik, kaca, dan sarung tangan.

    Sayangnya, ketetapan harga tersebut masih sulit teralisasi kerena berbagai kendala. Saat ini pelaku industri menikmati gas pada kisarasan di atas US$6 per MMBtu sehingga permintaan penurunan harga gas terus menguat.

    Ketua Forum Industri Pengguna Gas Bumi (FIPGB) Achmad Safiun mengatakan bahwa membesarnya skala bisnis setelah pembentukan induk usaha akan membuat PT Pertamina (Persero) menjadi pemimpin holding.

    Adapun, PT Perusahaan Gas Negara (Persero) Tbk. dan PT Pertamina Gas (Pertagas) sebagai subholding berkonsentrasi membenahi internalnya terlebih dahulu.

“Kami tidak berharap banyak, lebih besar jadinya lebih rumit,” paparnya.

    Dia mengatakan, persoalan gas untuk industri hanya dapat diselesaikan jika Presiden memerintahkan jajarannya mematuhi Peraturan Presiden yang sudah ditetapkan sejak 2016. Mendorong industri gas agar lebih efektif menjadi tujuan pemerintah sedangkan holding bisa saja menjadi salah satu caranya.

    Penetapan pembentukan holding BUMN migas saat ini telah berada di Istana Presiden. Pembentukan holding BUMN migas tentu tidak otomatis menurunkan harga gas karena butuh waktu untuk membenahi internal. Pada sisi lain, membiarkanya perusahaan milk pemerintah saling bersaing dan inefisiensi juga tidak tepat.

Bisnis Indonesia, Page-10, Tuesday, Jan 30, 2018

Indonesia will Supply LNG to Pakistan

    The governments of Indonesia and Pakistan have agreed to strengthen energy and trade partnerships. As conveyed in a press statement from the Indonesian Ministry of Foreign Affairs received in Jakarta, the agreement was reached in the state visit of President Joko Widodo to Pakistan on 26-27 January 2018 which is themed and focused on improving economic cooperation, especially in energy and trade.

    At the visit of President Jokowi, the heads of governments of both countries witnessed the signing of energy sector cooperation agreement and amendment protocol preferential trade agreement (PTA).

    During the visit, the two sides also signed a memorandum of understanding (MoU) on cooperation diplomatic training and MoU on trade promotion cooperation. Through an energy agreement, Indonesia will supply LNG to Pakistan to support Pakistan's energy security.

    In addition, PT Pertamina will follow up the agreement with its partner, Pakistan LNG Limited (PLL) and Pakistan State Oil Company Limited (PSOCL). Furthermore, the economic relations of both countries are also reinforced by a memorandum of understanding same trade promotion to increase bilateral trade flows.
   
     During the visit, the two sides also signed a memorandum of understanding (MoU) on cooperation diplomatic training and MoU on trade promotion cooperation. Through energy agreement, Indonesia will supply LNG to Pakistan to support Pakistan's energy security.
 
    In addition to the main series of activities of the President of the Republic of Indonesia, there has also been a business forum attended by more than 100 Indonesian and Pakistani businessmen. The forum produced a memorandum of understanding (MoU) of US $ 115 million.

IN INDONESIA

Indonesia akan Pasok LNG ke Pakistan

    Pemerintah Indonesia dan Pakistan sepakat untuk mengukuhkan kemitraan di bidang energi dan perdagangan. Seperti disampaikan dalam keterangan pers dari Kementerian Luar Negeri Indonesia yang diterima di Jakarta, kesepakatan itu dicapai
dalam kunjungan kenegaraan Presiden Joko Widodo ke Pakistan pada 26-27 Januari 2018 yang bertema dan berfokus pada peningkatan kerja sama ekonomi, khususnya bidang energi dan perdagangan.

    Pada kunjungan Presiden Jokowi tersebut, kepala pemerintahan kedua negara menyaksikan penandatanganan perjanjian kerja sama sektor energi dan amendemen protokol preferential trade agreement (PTA).

    Dalam kunjungan tersebut, kedua pihak juga menandatangani nota kesepahaman (MoU) kerja Sama pelatihan diplomatik dan MoU kerja sama promosi perdagangan. Melalui perjanjian bidang energi, Indonesia akan memasok LNG ke Pakistan untuk mendukung ketahanan energi Pakistan.

    Selain itu, PT Pertamina akan menindaklanjuti perjanjian tersebut dengan mitranya, Pakistan LNG Limited (PLL) dan Pakistan State Oil Company Limited (PSOCL). Selanjutnya, hubungan ekonomi kedua negara juga diperkukuh dengan nota kesepahaman kerja
sama promosi perdagangan untuk meningkatkan arus perdagangan bilateral.

    Dalam kunjungan kenegaraan itu, Presiden Jokowi pun berkesempatan menyampaikan pidato pada Joint Sitting Parlemen Pakistan pertemuan téte-a-téte dan bilateral dengan Presiden Pakistan, jamuan makan malam kenegaraan oleh Presiden Pakistan, dan pertemuan téte-a-téte dan bilateral dengan Perdana Menteri Pakistan.

    Selain rangkaian utama kegiatan Presiden Republik Indonesia, telah dilaksanakan pula forum bisnis yang diikuti lebih dari 100 pengusaha Indonesia dan Pakistan. Forum tersebut menghasilkan nota kesepahaman kerja sama senilai US$115 juta.

Media Indonesia, Page-17, Monday, Jan 29, 2018