Pertamina Plan Selling Assets To Improve Business Performance And Corporate Welfare

CIDISS. Minister of State-Owned Enterprises Rini Sumarno has granted principle permission to PT. Pertamina (Persero) to undertake a strategic review of corporate action plans, in order to improve business work and refresh the company’s financial condition. this is revealed in the letter of approval of Pertamina’s Corporate Action Principles on June 29, 2018.

This policy was taken in the middle of the issue of world crude oil prices that continue to climb to the highest level of USD70 per barrel which is no longer in accordance with ongoing macro assumptions, the average price of Indonesian crude oil ranges between USD46 per barrel up to USD48 per barrel, this condition will complicate the financial performance of PT.Pertamina because it will bear the increasing fuel subsidy (BBM), on the other hand the Government has not planned to raise the price of Premium fuel and Pertalite.

Minister Rini said, “the disposal of these assets will remain under Pertamina’s control and continue to promote transparency and good governance. This is in the interest of further strengthening Pertamina’s financial balance, one of the two sales processes must be good governance and transparent”.

Pertamina undertook a review of the release of its assets in an effort to nourish its investment portfolio so that Pertamina does not have a risk bias on one particular asset, such a move could create an opportunity for Pertamina to invite strategic partners who have more technological and business advantages in the energy field.

The release of this asset will still be in a long stage, assets that are 100 percent owned by the Government should be conducted in a comprehensive review and decided in the General Meeting of Shareholders, in this case the Government.

By : Rikky.S*)