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18 October, 2010

Pertamina Buys Medco's Shares

State oil company PT Pertamina now controls 27.9 percent of PT Medco Energy Internasional's shares which belonged to businessman Arifin Panigoro. This was cited in the Principles of Agreement signed by Pertamina and Encore International Limited (EIL) last Friday.

Mochamad Harun, Pertamina's Vice President for Corporate Communications, said in the agreement that Pertamina had agreed to buy some of Encore Energy Pte Ltd's (EEPL) shares owned by EIL. Meanwhile, EEPL now has 50.7 percent shares in Medco Energy Internasional. "This transaction will indirectly make Pertamina a Medco Energy shareholder with 27.9 percent ownership," he said.

         Encore International
             ↓
   
Pertamina → Encore Energy
         55%  ↓50.7%
           Medco Energy

Harun stressed that other shareholders' portion in Medco Energy will not be upset by this transaction. Both parties understand that the deal will not lead to a tender to other shareholders. Pertamina and EIL also agreed to continue the sale of EIL shares in EEPL up to the exclusive time limit which will end in November 30, 2010.

Medco Energy was established in Indonesia and is registered with the Indonesian Stock Exchange.

Harun said the transaction will unite both companies' technical, financial, business, management and resources. This will maximize the profit and synergy between the biggest and best oil and gas companies in Indonesia and maximize the availability of energy for the nation.

"The purchase is in line with the spirit of the constitution, that energy resources belong to the people," Harun said. To Pertamina, the share purchase will also increase its production, fulfill crude oil needs by the refinery, and confirm that such collaboration is good.

Earlier, the State-Owned Enterprises Minister Mustafa Abubakar clarified that the transaction between Pertamina and Medco was between the two companies' subsidiaries. "It doesn't need the minister's approval. It was a purely corporate action."
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Medco Energi Internasional Tbk (Medco Energi) is an Indonesian integrated energy company. It is engaged in the areas of oil and gas exploration and production as well as power generation. Besides, the company is also engaged in other energy related businesses. The other operations of the company are power, chemical, drilling and gas. The company provides onshore and offshore drilling activities in Indonesia. The gas operations of the company are conducted through PT. Medco Gas Indonesia. It is authorized to handle gas trading and transportation business.


2018/1/30 

プルタミナ、1兆円の製油所新設
 

インドネシア国営石油のプルタミナは30日、日本やオマーンの企業と組んでカリマンタン島東部に製油所を建設すると発表した。総事業費は約100億ドル(1兆900億円)としている。拡大する国内のエネルギー需要に対応するため、精製能力を高める。

「ボンタン製油所」は2020年に着工し、25年に完成予定。1日30万バレルの精製能力を持ち、使用する原油の最大2割をプルタミナが供給する。コンソーシアムの出資比率は明らかにしていないが、プルタミナが株式の10%以上を保有する見通し。プルタミナ幹部は会見で「オマーン政府が融資や原油の供給を支援する」と述べた。

インドネシアは石油の純輸入国で、経済成長に伴いガソリンなどのエネルギー消費が増えている。精製能力は1日約110万バレルしかなく、国内需要を満たせていないのが現状だ。プルタミナはロシアのロスネフチやサウジアラビアのサウジアラムコとも提携し、製油所の新設や拡張を急いでいる。

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Reuters, January 30, 2018

Indonesia's Pertamina Picks Oman's OOG, Cosmo Energy to Develop $10 Billion Refinery

Indonesia’s Pertamina appointed a consortium of partners to develop a new $10 billion refinery at Bontang, said Ardhy N. Mokobombang, director of refinery megaprojects and petrochemicals at the state-owned energy company.  Indonesia, one of Southeast Asia’s biggest fuel importers, hopes to reduce its import bill by improving its ageing domestic refining infrastructure, but some projects have been delayed because of financing issues. Pertamina hopes to soon finalize a framework agreement with Oman’s Overseas Oil and Gas LLC (OOG) and Cosmo Oil International, a trading unit of Japan’s Cosmo Energy Holdings, to develop the Bontang facility, Mokobombang said on Tuesday.

The Oman government will provide financial support for the project, in which Pertamina expects to take an initial 10 percent stake, Mokobombang said. Pertamina would have the rights to supply 20 percent of the crude for the refinery, and Oman the remainder, he said. Pertamina plans to reach a final investment decision on the 300,000-barrel-per-day Bontang grass roots refinery project in mid-2020, he said.

Hopefully in 2025 this refinery will be operational,” Mokobombang told reporters.

A spokeswoman for Cosmo Energy Holdings in Japan did not immediately respond to a request for comment on the matter. OOG is "active in the development of a number of energy related projects," including a refinery project in Indonesia, it said on its website. OOG could not be reached for comment.

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Diversified energy company PT Pertamina has appointed Overseas Oil and Gas LLC (OOG) from Oman and Cosmo Oil International Pte Ltd (COI), a trading arm of Cosmo Energy Group of Japan, as preferred consortium partners in developing US$10 billion worth of the grassroots Bontang Refinery project.

Bontang is one of the projects to be developed by Pertamina in the effort to help the government in its drive in to attain energy security.

The consortium was picked after going through a selection process which began in January 2017. Initially, as many as 100 companies showed interest, during the project expose. In the final phase, the number of potential candidates was reduced to just 8.

Under the proposed scheme, all financing for the project will come from the investors, who will hold a 90 per cent interest in the project, with Pertamina keeping 10 per cent. In addition, Pertamina has the right to supply 20 percent of the oil needed by the Bontang project.

Pertamina said an additional condition stipulates that Pertamina does not guarantee that it will become the off-taker of the output of the Bontang Refinery; it is however ready to support joint marketing efforts.

Pertamina said it appointed OOG as preferred bidder because OOG is fully backed by the Oman government in financing the project, in supplying crude oil as well as tying up with strategic partner COI for technical support and product marketing.

The Bontang Refinery is designed to yield 300,000 barrels of fuel per day, and is expected to create 20,000 new jobs during construction and 1,600 when starting up operations. The fuel produced by Bontang Refinery will meet the Euro 5 standard.

In the next stage, both parties – Pertamina and the preferred partner – will sign a Framework Agreement, to be followed by a Feasibility Study which is scheduled to be completed by mid-2019; next, Front-end Engineering Design (FEED), which is set to be completed by end-2020. The Bontang Refinery project is scheduled to start commercial operation by 2025.

The development of Bontang Refinery is part of Pertamina’s drive to increase the country’s fuel production capacity to 2 million barrels per day, from around 1 million barrels per day at present.

Apart from Bontang Refinery, Pertamina is also developing Tuban grassroots refinery, in partnership with Rosfnet of Russia. The two parties have set up a joint venture and are now conducting a feasibility study.

Financial Performance

Pertamina booked an unaudited net profit of US$2.41 billion in 2017, down 24 per cent from the US$3.15 trillion recorded the previous year. President Director Elia Massa Manik said the net profit decline was a victim of higher oil prices, as the company import much of its fuel.

The company, he said, managed to limit the decline in profit, as it slashed operational costs by 26 per cent.

This year, the company has set a capital expenditure of US$5.59 billion, up 55.27 per cent from last year’s $3.6 billion. A large percentage of this money, amounting to $3.3 billion, representing 59 per cent of the total, will be allocated to the upstream oil and gas sector.