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Thursday, June 22, 2017

The Opinion of Oil Refinery Project



The government agreed to increase the capacity of oil refineries in the country. This was stated since Minister of Energy and Mineral Resources Sudirman Said.

However, after Minister of State-Owned Enterprises Rini Soemarno removed Dwi Soetjipto from the position of number one in Pertamina, President Joko Widodo issued an expression of dissatisfaction of the refinery project in the third week of May 2017. President Joko Widodo also dared to issue a high-pitched sentence about the construction of a refinery Became the task of Pertamina's CEO as executor.

"If the refinery does not start soon, I go straight inside. Not only through the minister, but directly through Pertamina's president director, "said the President at the time.

Adding four refinery capacity and building two new refineries within a period of approximately 7 years is not an easy matter, especially Indonesia had not done additional refinery capacity for 25 years. In fact, on the other hand, the national fuel consumption (BBM) continues to rise when the ability of domestic oil production continues to fall.

Completing six refinery projects at once is not an easy task, but that's the task that Pertamina President Elia Massa Manik should take on by 2023 domestic refinery capacity rises from 800,000 barrels per day (bpd) to 2 million bpd. If in the third month of the leadership of the President Director can only invite the emotions of the President, after it is questioned about the testimony of a number of names entered Pertamina presidential candidates.

Several times refinery completion targets changed. Target changes are visible when compared to the plan at the end of 2016. In the material exposure Pertamina performance in third quarter / 2016, when the company is still led by Dwi Soetjipto, the target is no longer import fuel in 2023.

In detail, the revitalization of Balikpapan refinery will be completed by 2019, Tuban refinery will be operational in 2021 and Cilacap refineries will be completed by 2022. After that, other refineries of Dumai Refinery and Balongan refinery previously built with Saudi Aramco are still under review, 2023 together with Bontang Refinery.

Meanwhile, on the inaugural performance exposure with Elia Massa Manik, the refinery settlement plan has changed again. In the material presentation of the company's performance in quarter IV / 2016, Balikpapan Refinery phase 1 is targeted to be completed by 2019. Then, Balongan and Balikpapan Refinery phase 2 is completed by 2020. Meanwhile, Cilacap and Tuban Refinery in 2021 is also Bontang in 2023 sena Dumai in 2024.

However, from the material of the most recent exposure during the hearing with Commission VII, the project target was revised, ie Balikpapan Refinery phase 1 withdrawal to 2020 and phase 2 was completed in 2021. Then, Cilacap refinery retreat to 2023 and Bontang refinery becomes 2024.

Deputy Minister of EMR Archandra Tahar said the completion of the refinery should not change. "In our opinion, the completion of the refinery project is in line with the initial target."

Quoting President Jokowi's statement, Arcandra said Pertamina's debt ratio problem could be solved just like the problem of using accounting standards of financial report recording of PT Perusahaan Listrik Negara.

Previously, the debt burden of private power developers as partners was recorded in the PLN debt bookkeeping because it refers to the implementation of the Interpretation of Financial Accounting Standards (ISAK) 8 in accordance with the provisions of the Financial Services Authority (OJK). This, causing PLN in the listing, burdened the debt of private developers. However, then the problem was solved with the use of other reference debt recording.

In the case of refinery construction, Pertamina must bear the entire debt burden of the Cilacap and Tuban Refinery projects. Whereas in the project, Pertamina controls 55% of the shares and in the contract clause the company will market 100% of the products produced. In fact, the project was built with partners namely Saudi Aramco and Rosneft with a 45% shareholding.

The solution, either by using the financial reporting standards or can also participate in renegotiations so that the marketing obligations are shared with the partners in accordance with the share portion. Therefore, Arcandra said, there is no reason to target the completion of the refinery project backwards.

"The president said that finish in a way like PLN," he said.

However, he considered there are differences in perspective and strategy. The decision to proceed according to the initial schedule or revise the target in the hands of Pertamina's Director not only contains the duties of the government but the actions of the corporation.

Previously, in a hearing with Commission VII, Pertamina President Director Elia Massa Manik revealed several things, namely the income deficit due to the distribution of subsidized liquefied petroleum gas (LPG), the burden of fuel distribution costs in the fuel program one price, and sales of Premium and diesel fuel Not according to formula.

Perhaps both President Jokowi and Pertamina CEO should sit together to shift the more realistic targets and equate the worldview in completing service tasks to the public from fuel to price one to the task of adding the capacity of the national refineries.

IN INDONESIA

Silang Pendapat Proyek Kilang Minyak


Pemerintah sepakat menambah kapasitas kilang minyak di Tanah Air. Hal itu dikemukakan sejak Menteri ESDM Sudirman Said.  

Namun, setelah Menteri Badan Usaha Milik Negara Rini Soemarno mencopot Dwi Soetjipto dari posisi orang nomor satu di Pertamina, Presiden Joko Widodo mengeluarkan ekspresi ketidakpuasan realisasi proyek kilang pada pekan ketiga Mei 2017. Presiden Joko Widodo pun berani mengeluarkan kalimat bernada tinggi tentang pembangunan kilang minyak yang menjadi tugas Dirut Pertamina sebagai eksekutor.

“Kalau kilang tidak segera dimulai, saya langsung masuk ke dalam. Tidak saja melalui menteri, tetapi langsung melalui direktur utama Pertamina,” kata Presiden saat itu.

Menambah empat kapasitas kilang dan membangun dua kilang baru dalam kurun waktu kurang lebih 7 tahun memang bukan perkara mudah, terlebih Indonesia sempat tidak meIakukan penambahan kapasitas kilang selama 25 tahun. Padahal, di sisi lain, konsumsi bahan bakar minyak (BBM) nasional terus naik ketika kemampuan produksi minyak dalam negeri terus turun.

Menyelesaikan enam proyek kilang sekaligus memang bukan pekerjaan mudah, tetapi itulah tugas yang harus diemban Dirut Pertamina Elia Massa Manik bahwa pada 2023 kapasitas kilang dalam negeri naik dari 800.000 barel per hari (bph) menjadi 2 juta bph. Bila pada bulan ketiga masa kepemimpinan Direktur Utama hanya bisa mengundang emosi Presiden, setelah itu dipertanyakan tentang keterujian sejumlah nama yang masuk bursa calon dirut Pertamina.

Beberapa kali target penyelesaian kilang berubah. Perubahan target terlihat bila dibandingkan dengan rencana pada akhir 2016. Pada materi paparan kinerja Pertamina kuartal III/2016, ketika perseroan masih dipimpin Dwi Soetjipto, target tidak lagi mengimpor BBM pada 2023.

Secara rinci, revitalisasi Kilang Balikpapan akan selesai pada 2019, Kilang Tuban beroperasi pada 2021 dan Kilang Cilacap selesai pada 2022. Setelah itu, kilang lainnya yakni Kilang Dumai dan Kilang Balongan yang sebelumnya akan dibangun bersama Saudi Aramco masih ditinjau waktu penyelesaiannya, tetapi diperkirakan selesai pada 2023 bersamaan dengan Kilang Bontang.

Sementara itu, pada paparan kinerja perdana dengan Elia Massa Manik, rencana penyelesaian kilang mengalami perubahan lagi. Dalam materi paparan kinerja perseroan kuartal IV/2016, Kilang Balikpapan tahap 1 ditargetkan selesai pada 2019. Kemudian, Kilang Balongan dan Balikpapan tahap 2 selesai pada 2020. Sementara itu, Kilang Cilacap dan Kilang Tuban pada 2021 juga Bontang di 2023 sena Dumai pada 2024.

Namun dari materi paparan yang terbaru ketika rapat dengar pendapat dengan Komisi VII, target proyek direvisi, yakni Kilang Balikpapan tahap 1 mundur menjadi 2020 dan tahap 2 selesai pada 2021. Kemudian, Kilang Cilacap mundur ke 2023 dan Kilang Bontang menjadi 2024.

Wakil Menteri ESDM Archandra Tahar mengatakan, penyelesaian kilang seharusnya tidak berubah. “Kalau menurut kita, penyelesaian proyek kilang sesuai dengan target awal."

Mengutip pernyataan Presiden Jokowi, Arcandra menyebut permasalahan rasio utang Pertamina bisa diselesaikan sama seperti masalah penggunaan standar akuntansi pencatatan laporan keuangan PT Perusahaan Listrik Negara.

Sebelumnya, beban utang pengembang listrik swasta sebagai mitra dicatat ke dalam pembukuan utang PLN karena mengacu pada penerapan Interpretasi Standar Akuntansi Keuangan (ISAK) 8 sesuai dengan ketentuan Otoritas Jasa Keuangan (OJK). Hal tersebut, menyebabkan PLN dalam pencatatannya, terbebani utang pengembang swasta. Namun, kemudian masalah itu selesai dengan penggunaan acuan lain pencatatan utang.

Dalam kasus pembangunan kilang, Pertamina harus menanggung seluruh beban utang proyek Kilang Cilacap dan Kilang Tuban. Padahal dalam proyek tersebut, Pertamina menguasai 55% saham dan dalam klausul kontrak perseroan akan memasarkan 100% produk yang dihasilkan. Padahal, proyek dibangun bersama mitra yakni Saudi Aramco dan Rosneft dengan kepemilikan saham 45%.

Solusinya, bisa dengan menggunakan standar pencatatan laporan keuangan atau bisa juga turut melakukan renegosiasi agar kewajiban pemasaran dibagi dengan mitra sesuai dengan porsi saham. Oleh karena itu, Arcandra menuturkan, tidak ada alasan target penyelesaian proyek kilang mundur.

"Presiden mengatakan bahwa selesaikan dengan cara seperti PLN," katanya.

Namun, dia menilai terdapat perbedaan cara pandang dan strategi. Keputusan untuk melanjutkan sesuai jadwal awal atau merevisi target di tangan Dirut Pertamina tidak hanya mengandung tugas dari pemerintah melainkan aksi korporasi.

Sebelumnya, dalam rapat dengar pendapat dengan Komisi VII, Direktur Utama Pertamina Elia Massa Manik mengungkapkan beberapa hal yakni tentang defisit pendapatan akibat penyaluran subsidi liquefied petroleum gas (LPG), beban biaya distribusi BBM dalam program BBM satu harga, serta penjualan Premium dan solar yang masih belum sesuai formula.

Mungkin baik Presiden Jokowi maupun Dirut Pertamina harus duduk bersama menggeser target yang lebih realistis dan menyamakan cara pandang dalam menyelesaikan tugas pelayanan kepada masyarakat mulai dari BBM satu harga hingga tugas penambahan kapasitas kilang nasional. 

Bisnis Indonesia, Page-30, Thursday, Jun 22, 2017

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