Jakarta, May 31 (Antara) - The government is planning to establish a number of holding companies for state-owned firms (BUMN) in certain business sectors, such as in the areas of toll road construction, finance, health and energy.
Companies operating in each of these sectors will respectively have their own holding companies. However, an economic law expert has warned that the holding companies should operate based on the 1945 Constitution as per which priority should be given to improving the welfare of the Indonesian people.
One such government-established holding company is state-owned oil and gas firm Pertamina which will serve as a holding company in the energy sector.
Economic law expert Juajir Sumardi advised that the establishment of Pertamina as a holding company in the energy sector, particularly oil and gas, should be based on the amended 1945 Constitution.
Moreover, oil and gas are a natural wealth and must be used in people's interest. These resources should be exploited to make the people more prosperous.
"Oil and gas are strategic natural resources and the state has the authority over them in Indonesia," Juajir, chairman of the Economic Law Study Center of the Makassar-based Hasanuddin University, pointed out at a national seminar at the Pertamina building here on Tuesday.
He observed that as an authority under which all natural energy resources fall, the state can delegate its right over oil and gas mining (to Pertamina), and can merge PT Perusahaan Gas Negara (PGN) with state-owned oil and gas company Pertamina, making PGN its subsidiary.
However, the merger should be carried out cautiously, taking into account various aspects, including legal issues, because PGN is a state-owned firm whose shares are not fully owned by the government. Some 43.04 percent of its stake is owned by the public.
"Attention should be paid to how to acquire its shares and how to observe relevant regulations such as the Capital Market Regulations so that there is no problem later on," cautioned Juajir.
Regarding the shares in PGN, the government will transfer all of its stake in PGN to Pertamina.
Based on the Draft Government Regulation (RPP) on Government's Additional Capital Participation at Pertamina, the state will increase its capital participation in the state-owned oil/gas company.
The government capital participation would happen through the transfer of all government's shares in the state-owned PT PGN to Pertamina.
"The value of the state capital participation will be decided by the finance minister based on the proposal of the minister of state-owned enterprises," according to the RPP which is now awaiting President Joko Widodo's (Jokowi's) signature.
The other parts of the RPP mentioned that the additional state capital participation will change the status of PT PGN as a limited liability company, no longer a state-owned firm.
Based on the RPP, the addition of the government capital participation to Pertamina was intended to reinforce Pertamina's capital.
Minister for State Enterprises (BUMN) Rini Soemarno said Pertamina would be made an energy holding company and that PGN would become a subsidiary of the state-owned oil and gas company.
"Pertamina would be the parent company. The shares owned by the government in PGN would be handed over to Pertamina," Rini said last month.
Pertamina, which is wholly owned by the government would be the parent company for all state controlled energy companies, she said. She said the process of forming the energy holding has been in the final phase and it is expected to be wrapped in September this year.
Implementation is waiting only for a draft government regulation which is expected to be issued in mid July, she added.
She said the plan is part of the program of grouping state companies in a number of holding companies.
A holding company will make the state-owned oil and gas company Pertamina more efficient as it will eliminate overlapping of tasks between Pertamina Gas (Pertagas/Pertamina subsidiary) and state-owned gas distributor company (PGN).
"Without a holding company, the development of gas pipeline network will see an overlap in work. But with a BUMN holding company, there will be only one authority to implement the policy," Achmad Widjaya, the deputy chairman for upstream committee of the Indonesian Chamber of Commerce and Industry (Kadin), said in Jakarta on Monday (May 9)
The presence of a BUMN holding firm for energy will make it easier to put in place energy policies in upstream and downstream areas. As of now, the policy for upstream is different from that for the downstream concerns.
"With a holding firm, the direction of the energy policy will be clear. This is important as upstream investors are now being discouraged because the price of oil is going down in the world market," said Widjaya.
According to Finance Minister Bambang Brodjonegoro, the process to establish Pertamina as a holding company for gas distributor PGN will be completed before the post-fasting month of Eid el-Fitr or Lebaran festivities in July this year.
"The feasibility study has been completed and all of the processes are in progress. I have spoken to Finance Minister Bambang Brodjonegoro and the draft government regulation about it will be submitted to President Joko Widodo," Minister Rini Soemarno said.
Pertamina was chosen as the holding company because the oil and gas firm is 100 percent owned by the government.
Besides Pertamina, several other state-owned enterprises would be brought under a single holding firm. These will include companies involved in toll road construction, mining and finance. "It will be finished soon," noted Rini.
On the same occasion, President Director of Pertamina Dwi Soetjipto said his company was ready to assume responsibility if it is made a holding company for the state-owned PT PGN.
Therefore, the National Development Planning Agency (Bappenas) has expressed optimism that the establishment of a holding company for state-owned enterprises will take place soon. ***3***(A014/INE/B003)EDITED BY INE(T.A014/A/BESSR/Bustanuddin) 31-05-2016 21:20:2 |
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