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Jakarta Post

Pertamina, PGN cut revenue targets during pandemic

  • Norman Harsono

    The Jakarta Post

Jakarta   /   Wed, April 22 2020   /  01:54 am

State-owned energy holding company Pertamina and its subsidiary gas distributor Perusahaan Gas Negara (PGN) have cut their revenue targets this year as the government’s partial lockdown measures to halt the spread of COVID-19 has severely affected their businesses.

Pertamina president director Nicke Widyawati said on Thursday that the 52-year-old company had been hit hard by a “triple shock” of crashing crude oil prices, falling oil demand and a weakening rupiah-US dollar exchange rate.

“Today [Thursday], nationwide fuel consumption fell 34.9 percent from sales in January and February,” she told a teleconferenced hearing with House of Representative members. “This is the lowest sales figure in Pertamina’s history.”

Pertamina and PGN, like many other big Indonesian companies, have revised down their growth projections for this year as Indonesia, the co...