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Pertamina concerned about uncertainty amid energy policy changes
Pertamina president director Nicke Widyawati said the company was making sure its corporate decisions were in line with the government’s long and midterm focus, however there were some points of contention, such as Pertamina's push for oil refinery expansion while the government looked to green energy.
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Technical check: A Pertamina EP Donggi Matindok field technician checks the Central Processing Plant (CPP) facilities at the Donggi gas field on Jan. 21, 2024, in Banggai, Central Sulawesi. State-owned oil and gas company Pertamina topped Fortune’s list of the 100 largest companies operating in the country last year. (Antara/Hafidz Mubarak A)
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tate-owned oil and gas giant Pertamina said regulation and policy changes in the energy sector had impacted the company’s businesses, saying that it had led to uncertainty in its long-term investment plan.
Pertamina president director Nicke Widyawati said on Monday that the company was making sure its corporate decisions were in line with the government’s long and midterm focus.
However, this alignment has had a significant impact, particularly in areas where the company and government’s plans are contrary to each other. For instance, Pertamina has pegged investment for expanding oil refinery capacity, whereas the government has been pushing for renewable energy development in the past years.
“We want to make sure that planning from the regulatory and business sides are in line so we would have no doubts,” Nicke said in Jakarta on Monday after an event hosted by the National Development Planning Agency (Bappenas), Bisnis reported.
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In a separate event, Nicke noted that the firm had maintained its business and financial performance last year despite challenges stemming from external factors, such as declining oil prices and a weakened Rupiah exchange rate against the US dollar.
“After [the company’s] restructuring process [took place], the operational performance of all business lines, both holding and subholding, has become more solid and reliable,” she said in a statement after the annual shareholders' meeting (RUPST) in Jakarta on Monday.
