Central Java is establishing a holding company for region-owned oil and gas companies in the hope of improving their performance and thus, boosting locally generated income. The province’s Regional Legislative Council (DPRD) greenlighted on Monday a plan to set up oil and gas holding company PT Jateng Petro Energi. Lawmakers will follow up the move by issuing a regional government regulation on establishing such a holding. They did not specify a deadline. “With this regulation, we will have more running room. The effect is higher locally generated income, because all will be better managed,” said Central Java Governor Ganjar Pranowo, who is credited with proposing such a holding. Thus far, the holding is slated to absorb Semarang-based companies PT Sarana Patra Hulu Cepu (SPHC) and PT Sarana Pembangunan Jawa Tengah (SPJT). The former helps run a small part of t...