TheJakartaPost
Please Update your browser
Your browser is out of date, and may not be compatible with our website. A list of the most popular web browsers can be found below.
Just click on the icons to get to the download page.
Pertamina successfully enacts Unlock Value business development program
Change text size
Gift Premium Articles
to Anyone
Share the best of The Jakarta Post with friends, family, or colleagues. As a subscriber, you can gift 3 to 5 articles each month that anyone can read—no subscription needed!
The Unlock Value program for the development of Pertamina's subholding and subsidiary businesses is run by Pertamina to capitalize on the business world’s ongoing growth.
P
T Pertamina successfully implemented its Unlock Value program across several of its subholdings and subsidiaries throughout 2023. The Unlock Value program is Pertamina's flagship initiative designed to enhance the performance of its subsidiaries by highlighting their strengths.
"After the COVID-19 pandemic, 2023 marked a pivotal moment for various global industries to grow. Through Unlock Value, we encouraged our subholdings and subsidiaries to undertake corporate action to fully capitalize on this growth momentum," Pertamina vice president Corporate Communication Fadjar Djoko Santoso explained.
Key initiatives under the Unlock Value program in 2023 included the initial public offering (IPO) of PT Pertamina Geothermal Energy (PGE) on Feb. 25, 2023. This IPO was one of the largest corporate actions on the Indonesia Stock Exchange (IDX) in 2023 and garnered significant international investor interest due to PGE's promotion of clean geothermal energy, aligning with global aspirations to address the climate crisis.
Additionally, Pertamina is poised to become a market leader in carbon trading in Indonesia through its Pertamina New and Renewable Energy (PNRE) subholding. That commitment was emphasized during the initial launch of the IDX Carbon Exchange on Sept. 26, 2023, by President Joko ‘Jokowi” Widodo.
Pertamina is also advancing its energy transition business, exemplified by the first test flight of a commercial aircraft using Sustainable Aviation Fuel (SAF), BioAvtur. The SAF, produced by Pertamina International Refinery and set to be commercialized by Pertamina Patra Niaga, represents a sustainable future for the aviation industry.
"The SAF is a testament to state-owned enterprises’ (SOEs) collaborative efforts to reduce emissions and support the net-zero emission target," Fadjar explained.
In the healthcare sector, Pertamina subsidiary PT Pertamina Bina Medika Indonesia Healthcare Corporation has completed topping off for the Bali International Hospital (BIH). The BIH will be an international-class hospital located in the special economic zone (SEZ) of Sanur in Bali.
Pertamina also continued to innovate in 2023, with four research products reaching the commercialization stage and the addition of eight new intellectual property rights (IPR) owned by the SOE.
Digitalization: Pertamina's key strategy
Fadjar emphasized that digitalization was crucial for integrated management to enhance Pertamina's business services. In 2023, digital innovations were implemented to optimize the stock and supply of fuel oil and liquefied petroleum gas (LPG), resulting in greater efficiency for the distribution of subsidized fuel oil and LPG. Digital tools were also used to increase reliability and mitigate unplanned shutdowns at Pertamina refineries.
"Pertamina's digitalization advancements support efficiency, decision-making processes, security, reliability and service improvements across all Pertamina businesses for the public," Fadjar concluded.
