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Jakarta Post

PGN to merge with Pertagas in August

  • Viriya P. Singgih

    The Jakarta Post

Jakarta   /   Tue, April 17 2018   /  12:43 am

State-owned energy giant Pertamina expects to complete the integration of its two subsidiaries, Pertamina Gas (Pertagas) and the newly acquired Perusahaan Gas Negara (PGN), within four months with asset transfer as one of the likely options.The government on April 11 officially transferred its 57 percent share in PGN, which had a value of around Rp 38.13 trillion (US$2.66 billion), to Pertamina in an effort to transform the latter as a state-owned oil and gas holding firm.While the government has completed administrative matters regarding the holding firm establishment, Pertamina still has to fully integrate PGN and Pertagas’ assets and operations in order to allow PGN to become a subholding firm overseeing midstream and downstream gas businesses.Pertamina human resources director Nicke Widyawati said her side would have to calculate Pertagas’ value first before formulating the ideal...