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View all search resultsPertamina, Aramco still working toward Cilacap valuation
This is not the first valuation of the Cilacap refinery in this negotiation as in February, Pertamina stated that the EV of the refinery was US$5.66 billion, whilst Aramco’s figure was $2.8 billion.
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Workers check the fuel processing at a refinery in Cilacap, Central Java. (Antara/Idhad Zakaria)
State energy giant Pertamina and Saudi Arabian oil giant Saudi Aramco are inches away from getting an independent financial advisor that will calculate the value of the Cilacap refinery before reaching a spinoff deal.
Pertamina president director Nicke Widyawati said there were five options that the state company and Aramco would choose from.
“We have picked five [financial advisor candidates] and right now are in the process of deciding. Hopefully next week we will have the answer,” Nicke told a press briefing on Friday. The financial advisor would work for six weeks to calculate the corporate value (EV).
Nicke was confident that after the financial advisor had finished its valuation of the Cilacap refinery, a decision on the spinoff deal would take place soon.
“We [Pertamina and Aramco] will decide [on the spinoff deal] no later than September. It will be faster as both companies have agreed on the financial advisor,” she said during a visit to the Cilacap refinery.
When asked what would happen in September if the spinoff deal failed, Nicke said the company would continue with the plan of offering Aramco to finance the refinery’s petrochemical project.
