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Tuesday, February 28, 2017

7 World Player Aims Bontang



Seven major oil companies eyeing Bontang project that requires an investment of US $ 12 billion-US $ 13 billion. PT Pertamina will launch the project expose the refinery capacity of 300,000 barrels per day (bpd) was on February 28.

According to Senior Vice President of Business Development Directorate of Mega Projects Pertamina Refinery and Petrochemical, lriawan Yulianto, seven companies of the world are interested in is getting a special invitation to bid because it had previously been owned by the company refinery project.

Based on the record business, major oil companies who have taken the tender refineries in Indonesia are Saudi Aramco (Saudi Arabia), Sinopec (China), JX Nippon Oil, SK Corporation (South Korea). In addition, there are two Kuwaiti companies that Kuwait Petroleum Corporation and Kuwait Petroleum International, PTT Global Chemical Public Company Limited and Thai Oil (Thailand), and Rosneft (Russia).

World oil players had a chance to take part in the project tender Tuban refinery project in Balongan refinery capacity additions, Dumai Refinery, and Cilacap. Besides the seven foreign oil companies with a special invitation, according Iriawan, there are 50 companies from outside negari and domestic also to participate in the auction netted Bontang refinery project.

"Clearly the seven companies had all the major oil companies, overseas all. 50 companies that mix, nothing from the outside, there is that of the [country] from trading companies, investors of all types of companies in the invite, "he said in Jakarta, Friday (24/2).

On the same occasion, Director of Mega Projects Pertamina Refinery and Petrochemical Hardadi Rachmat said the company seeking prospective partners who have a track record in oil processing, especially tested in terms of operational and project execution. In addition, prospective partners must be able to adjust the structure and business model of the desired Pertamina, has committed to accelerate because the project is targeted for completion in 2023, and provide added value to the project.

Pertamina, according Hardadi, hoped that the strategic partner role in the supply of crude oil and financing. Because, at the initial stage the company will only acquire a controlling stake of 5% to 25%. Another criterion is the mastery of overseas markets such as Australia, Papua New Guinea, New Zealand, and the Philippines. The reason, according to Hardadi, currently operates 35% of the solar supply Bontang refinery would be exported because of low absorption in the country. On the other hand, for another project to be produced such as gasoline series will be absorbed fully to meet domestic demand, as well as liquefied petroleum gas (LPG) and petrochemical although can not say how much volume that may be generated.

As an illustration, Hardadi mentioned that generally the total capacity of the refinery, LPG produced 7% to 10%, gasoline 40% and diesel by 50%. In fact there is excess of 55% [of solar products from Bontang] which is not absorbed in the country. "

CAPACITY MARKET

A 300,000 bpd refinery in Bontang is a basic capacity that allows plus. Taking into account the ability of the market, there are opportunities Hardadi mention the addition of up to 400,000 bpd. Nevertheless, the additional capacity will not significantly influence the capital that must be removed. Bontang's project, according Hardadi, capital of about US $ 3 billion lower than Tuban refinery which require funding of up to US $ 15 billion. That's because the availability of land and infrastructure in Bontang.

Hardadi optimistic the project with a payback ratio (internal rate of return / IRR) of 13%, the refinery can still provide benefits when oil prices began to rise. When the price of oil was at US $ 50s per barrel, he said, businesses take advantage higher refinery. However, he menybut current oil prices do not describe the normal price. Oil prices normally in the range of US $ 80 per barrel to US $ 100 per barrel is expected to occur six to seven years. Therefore, he said, in the oil price that had to be prepared for the players refineries.

"If at the time of profit, now. When the price of crude normally be the collapse ya should not be. So we calculate it precisely at the worst time later. "

Observers energy dad Rakhmanto ReforMiner Institute Pri Agung said the search for a strategic partner to build a refinery relies on the project structure and economies of scale of the project. When both aspects have fulfilled the desire of investors, anyone will be interested to invest. Government guarantees in some aspects eg funding schemes and incentives in the form of tax privileges, according to him, could add to the appeal of the project in the eyes of investors.

Moreover involvement in the project this assignment, Pertamina in the early stages will only acquire a controlling stake of up to 25%, lower than its stake in Tuban refinery project and the Cilacap refinery, which reached 55% stake. Referring to the experience of building together with partners, some projects even interrupted its partnerships.

IN INDONESIAN

 7 Pemain Dunia lncar Bontang


Tujuh perusahaan minyak dunia mengincar proyek Kilang Bontang yang membutuhkan investasi US$ 12 miliar-US$ 13 miliar.  PT Pertamina akan melansir project expose kilang berkapasitas 300.000 barel per hari (bph) itu pada 28 Februari.

Menurut Senior Vice President Business Development Direktorat Mega Proyek Kilang dan Petrokimia Pertamina, lriawan Yulianto, tujuh perusahaan dunia yang berminat memang mendapatkan undangan khusus kaRena sebelumnya pernah mengikuti tender proyek kilang milik perseroan.

Berdasarkan catatan Bisnis, perusahaan minyak dunia yang pernah mengikuti tender kilang di Indonesia adalah Saudi Aramco (Arab Saudi), Sinopec (China), JX Nippon Oil, SK Corporation (Korea Selatan). Selain itu, ada dua perusahaan asal Kuwait yakni Kuwait Petroleum Corporation dan Kuwait Petroleum International, PTT Global Chemical Public Company Limited & Thai Oil (Thailand), dan Rosneft (Rusia).

Pemain minyak dunia itu sempat ambil bagian dalam tender proyek Kilang Tuban, proyek penambahan kapasitas di Kilang Balongan, Kilang Dumai, dan Kilang Cilacap. Selain tujuh perusahaan minyak asing dengan undangan khusus, menurut Iriawan, ada 50 perusahaan dari luar negari dan dalam negeri yang juga terjaring untuk mengikuti lelang proyek Kilang Bontang.

“Yang jelas tujuh perusahaan tadi perusahaan minyak dunia semua, dari luar negeri semua. 50 perusahaan itu mix, ada yang dari luar, ada yang dari dalam [negeri] mulai dari perusahaan trading, investor semua tipe perusahaan di persilahkan," ujarnya di Jakarta, Jumat (24/2).

Pada kesempatan yang sama, Direktur Mega Proyek Kilang dan Petrokimia Pertamina Rachmad Hardadi mengatakan Pertamina mencari calon mitra yang memiliki rekam jejak di usaha pengolahan minyak, khususnya teruji dari sisi operasional dan eksekusi proyek. Selain itu, calon mitra harus dapat menyesuaikan struktur dan model bisnis yang dikehendaki Pertamina, memiliki komitmen untuk melakukan percepatan karena proyek ditargetkan rampung pada 2023, dan memberikan nilai tambah bagi proyek.

Pertamina, menurut Hardadi, berharap agar mitra strategis berperan dalam penyediaan minyak mentah dan pendanaan. Pasalnya, pada tahap awal perseroan hanya akan menguasai saham sebesar 5% hingga 25%. Kriteria lain adalah penguasaan pasar di luar negeri seperti Australia, Papua Nugini, Selandia Baru, dan Filipina. Pasalnya, menurut Hardadi, saat beroperasi 35% pasokan solar Kilang Bontang akan diekspor karena penyerapan yang rendah di dalam negeri. Di sisi lain, untuk proyek lain yang akan dihasilkan seperti gasoline series akan diserap sepenuhnya untuk memenuhi kebutuhan dalam negeri, begitu pula dengan liquefied petroleum gas (LPG) dan petrokimia kendati belum bisa disebutkan berapa volume yang mungkin dihasilkan.

Sebagai gambaran, Hardadi menyebutkan bahwa pada umumnya dari kapasitas total kilang, dihasilkan LPG 7% hingga 10%, gasolin 40%  dan diesel hingga 50%. Bahkan ada excess 55% [produk solar dari Kilang Bontang] yang tidak terserap dalam negeri.”

KAPASITAS PASAR

Kapasitas 300.000 bph di Kilang Bontang merupakan kapasitas dasar yang memungkinkan ditambah. Dengan mempertimbangkan kemampuan pasar, Hardadi menyebut terdapat peluang penambahan hingga mencapai 400.000 bph. Kendati demikian, tambahan kapasitas tak akan berpengaruh signifikan terhadap modal yang harus dikeluarkan. Untuk proyek Kilang Bontang, menurut Hardadi, modalnya sekitar US$3 miliar lebih rendah dari Kilang Tuban yang membutuhkan dana hingga US$ 15 miliar. Hal itu dikarenakan ketersediaan lahan dan infrastruktur pada Kilang Bontang.

Hardadi optimistis proyek dengan rasio pengembalian modal (internal rate of return/IRR) 13 %, kilang tetap bisa memberikan keuntungan ketika harga minyak mulai naik. Saat harga minyak berada di angka US$50-an per barel, katanya, pelaku usaha kilang mengambil keuntungan lebih tinggi. Namun, dia menybut harga minyak saat ini belum menggambarkan harga normal. Harga minyak normal di kisaran US$ 80 per barel hingga US$ 100 per barel diperkirakan terjadi enam sampai tujuh tahun ke depan. Oleh karena itu, katanya, di harga minyak itulah harus dipersiapkan bagi para pemain kilang.

“Kalau pada saat untung, sekarang. Pada saat harga crude normalnya menjadi collapse ya tidak boleh. Jadi kami menghitungnya justru pada saat the worst nanti."

Pengamat energi dad ReforMiner Institute Pri Agung Rakhmanto mengatakan pencarian mitra strategis pembangunan kilang bertumpu pada struktur proyek dan skala ekonomi proyek. Apabila kedua aspek itu telah memenuhi keinginan investor, siapapun akan tertarik untuk menanamkan modal. Jaminan pemerintah dalam beberapa aspek misalnya skema pendanaan dan insentif berupa fasilitas perpajakan, menurut dia, bisa menambah daya tarik proyek di mata pemodal.

Terlebih Iagi, dalam proyek penugasan ini, Pertamina pada tahap awal hanya akan menguasai saham hingga 25%, lebih rendah dari kepemilikan saham di proyek Kilang Tuban dan Kilang Cilacap yang mencapai saham 55%. Mengacu pada pengalaman membangun bersama mitra, beberapa proyek bahkan terputus kemitraannya. 

Bisnis Indonesia, Page-30, Saturday, Feb, 25, 2017

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