Jakarta, March 1 (Antara) - The plan to establish a state-owned oil and gas holding company has been discussed for more than two years, but it has not been carried out till date.
A holding company will make state-owned oil and gas firm Pertamina more efficient as it will eliminate the overlapping of its tasks with that of the state-owned gas distributor company (PGN).
According to Minister of State-owned Enterprises (SOE) Rini Soemarno, Pertamina would be made an oil and gas holding company and PGN would become its subsidiary.
Without a holding company, the development of gas pipeline network will see an overlap in work. But with a state-owned holding company, there will be only one authority to implement the policy.
The presence of a holding firm for oil and gas will make it easier to put in place oil and gas policies in the upstream and downstream areas. As of now, the policy for upstream areas is different from that for the downstream ones.
Hence, Kurtubi, an oil analyst who is also a legislator, suggested that a state-owned oil and gas holding company should be established after the revision of Oil and Gas Law No. 22/2001. The revision will regulate the upstream and downstream oil entity.
"It would be much better for the interests of the state if the formation of the holding company awaits the completion of the revision of Oil and Gas Law No.22 /2001," Kurtubi remarked when contacted in Jakarta last month (Feb 14).
According to Kurtubi, who is a member of the NasDem Party faction, the holding company will be much better to be established after the revision of the law, because the House is currently planning to establish an oil and gas Special Business Entity (BUK) through the revision of the Oil and Gas Law.
"It has been outlined in the draft revision of the Oil and Gas Law No. 22 of 2001 and has been submitted to the Legislation Body (Baleg) of the House to be resolved," he revealed.
BUK will become an entity, which will integrate PT PGN, Pertamina, Upstream Oil and Gas Regulatory Task Force (SKK Migas), and Downstream Oil and Gas Regulatory Body (BPH Migas).
Kurtubi added that oil and gas holding should not be formed in the near future, because it has not yet had a legal umbrella. "Yes, we have to wait for the revision of the oil and gas law, which is currently in the House of Representatives (DPR). If the holding is formed now, it will not have a legal umbrella," he explained.
Kurtubi also argued that the step to form a state-owned oil and gas holding company is a business efficiency step to prevent the overlap of its infrastructure work.
Previously, Soemarno stressed that the establishment of a state-owned oil and gas holding firm is aimed at creating business efficiency.
Soemarno explained that the holding of two state-owned companies engaged in the oil and gas industry, namely PT Pertamina and PT PGN, aims to strengthen the government's position in the oil and gas industry.
In order to the right decision of the plan to establish the holding company, President Joko Widodo (Jokowi) on Wednesday (Feb 28) summoned three ministers to demand a report on the plan.
The ministers who were invited were Coordinating Minister for the Economy Darmin Nasution, Finance Minister Sri Mulyani, and Minister of State-Owned Enterprises (SOE) Rini Soemarno . Besides, thehe president also called the head of the government's Development Finance Comptroller Ardan Adiperdana
Minister Sri Mulyani revealed that the president had sought more detailed information related to the business model of the two state-owned oil and gas companies. "(The president had asked) whether the synergy is able to have a positive outcome, especially in terms of capital expenditure, to be more efficient and avoid any overlapping investments, which in the end could serve the community by offering more competitive gas prices," she remarked.
SOE Minister Sumarno said that the merger of both state-owned oil and gas companies is expected to ensure more efficient capital spending. "Our service to the community will improve with efficient investment. Thus, we can reach out to more customers, and more of them can enjoy the cheap price of gas. This is what we hope to accomplish," Soemarno noted.
According to Minister Sri Mulyani, what needs to be decided is whether Pertamina will become the shareholder. How this synergy can generate a return on equity and return on maximal assets, so that the shareholders, especially public shareholders, will benefit from this corporate decision.
Taking into account the balance sheet, Mulyani revealed that PGN is an open company and has undertaken various investment measures, so the issue lies in how the merger of PGN and Pertamina can be managed.
The minister had highlighted the benefits of establishing synergy, particularly with regard to capital spending, efficiency, return on investment, and the strongest balance sheet of PGN that will be positive for Pertamina.
The point is that the president's hopes this corporate decision turns out to be good for state-owned firms in improving their balance sheet and governance, creating performance efficiency, and also having a positive impact on the community.
Mulyani also termed this as a corporate measure to drive the service side and gas procurement for the economy in order to get a competitive price.
"Hence, it is good for society and the economy, but it will also have a positive impact on the corporation and balance sheet," she noted.
Speaking in connection with the shareholders' public meeting of Pertamina and PGN, Mulyani revealed that following the signing of the Presidential Regulation by the president, the meeting will be held by the shareholders of both state-owned firms.
"However, we still maintain and respect the companies' governance, especially since PGN is a listed company. Hence, it can give a positive signal that this is a viable corporate decision," she explained. **3*** (A014/INE)EDITED BY INE
(T.SYS/B/BESSR/A. Abdussalam) 01-03-2018 23:40:1 |
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