Pertamina and Aramco Discuss Refinery Schemes

Forward-backward, until now the Cilacap Refinery development project has not been clear either. Even so, Pertamina is still optimistic that Saudi Aramco will invest in the refinery development project. Pertamina has offered two investment options to Aramco. Both also are still discussing the investment agenda in the joint project.

"Valuations are being discussed. If they don't agree, they will use (like) the Balikpapan Refinery scheme," said Nicke Widyawati, Director of Pertamina, Tuesday (11/26).

Nicke Widyawati

The Balikpapan Refinery Scheme referred to is that spinoffs are not carried out at existing refineries. This means that Pertamina and Aramco's joint venture will build a new refinery. If using this new scheme, the two parties will form a joint venture to build a new refinery facility in Cilacap. 

    This scheme also does not include the calculation of existing assets owned by Pertamina. Nicke hopes that Pertamina Aramco's investment partnership discussion can be completed by the end of this year.

Nicke hopes that Pertamina will remain the majority owner of the Cilacap RDMP project. In the Cilacap Refinery project, Pertamina has a 55% majority stake and Saudi Aramco controls 45%. 

     Acting Director-General of Oil and Gas at the ESDM Ministry, Djoko Siswanto, revealed that the government is preparing an alternative offer to Aramco to build a new refinery facility. Djoko said the government also invited Aramco to choose a new location for the project, as well as find partners or build refineries independently.

"The point is there are alternative offerings to Aramco. See the results of asset valuation first. If it's a deal, it can operate. If not, there are offers in other regions. Aramco can be alone, can be together," said Djoko.

Even so, the Ministry of Energy and Mineral Resources emphasized that the option would only apply if Pertamina and Aramco did not reach an agreement on the Cilacap Refinery project. The investment valuation of the Cilacap Refinery is still calculated by the audit agency. 

     There is an estimated value of the valuation between Pertamina and Aramco. The initial investment value is estimated at the US $ 5.6 billion or equivalent to Rp. 78.4 trillion, assuming an exchange rate of Rp. 14,000 per US dollar. While Aramco submitted a bid worth US $ 2.8 billion.

IN INDONESIA

Pertamina dan Aramco Bahas Skema Kilang

Maju mundur, hingga kini proyek pengembangan Kilang Cilacap belum ada kejelasan juga. Meski begitu, Pertamina masih optimistis Saudi Aramco berinvestasi di proyek pengembangan kilang itu. Pertamina sudah menawarkan dua opsi investasi kepada Aramco. Keduanya juga masih masih membahas agenda investasi di proyek bersama itu.

"Valuasi sedang dibahas. Jika tidak sepakat, maka akan pakai (seperti) skema Kilang Balikpapan" kata Nicke Widyawati, Direktur Utama Pertamina, Selasa (26/11).

Skema Kilang Balikpapan yang dimaksud adalah tidak dilakukan spin-off pada kilang eksisting. Artinya, kongsi Pertamina dan Aramco akan membangun kilang baru. Jika menggunakan skema baru ini, kedua belah pihak akan membentuk perusahaan patungan untuk membangun fasilitas kilang baru di Cilacap. Skema ini juga tidak memasukkan perhitungan aset eksisting yang dimiliki Pertamina. Nicke berharap, pembahasan kongsi investasi Pertamina Aramco bisa rampung pada akhir tahun ini.

Nicke berharap, Pertamina tetap menjadi pemilik mayoritas proyek RDMP Cilacap. Pada proyek Kilang Cilacap, Pertamina memiliki saham mayoritas 55% dan Saudi Aramco menguasai 45%. 

     Pelaksana tugas (plt) Direktur Jenderal Minyak dan Gas Bumi Kementerian ESDM Djoko Siswanto mengungkapkan, pemerintah menyiapkan penawaran alternatif kepada Aramco untuk membangun fasilitas kilang baru. 

     Djoko menyatakan, pemerintah juga mempersilahkan Aramco memilih lokasi baru untuk proyek tersebut, serta mencari mitra atau membangun kilang secara mandiri.

"Intinya ada beberapa alternatif penawaran kepada Aramco. Melihat hasil valuasi aset dulu. Kalau itu deal, bisa beroperasi. Kalau tidak, ada penawaran di wilayah lain. Aramco bisa sendiri, bisa bersama-sama," tukas Djoko.

Meski begitu Kementerain ESDM menegaskan, opsi tersebut baru berlaku apabila Pertamina dan Aramco tidak mencapai kesepakatan di proyek Kilang Cilacap. Valuasi investasi Kilang Cilacap masih dihitung oleh lembaga audit. 

     Ada perkiraan nilai Valuasi antara Pertamina dan Aramco. Nilai awal investasi diperkirakan US$ 5,6 miliar atau setara Rp 78,4 triliun dengan asumsi kurs Rp 14.000 per dollar AS. Sedangkan Aramco mengajukan penawaran senilai US$ 2,8 miliar.

Kontan, Page-14, Thursday, Nov 28,  2019

Minister of Energy and Mineral Resources Encourages Pertamina to Accelerate Refinery Project

Minister of Energy and Mineral Resources (ESDM) Arifin Tasrif encouraged Pertamina to accelerate the completion of six refinery projects that are being worked on. The six refineries each have four upgrading and upgrading capacity projects and two new refinery projects.

"The refinery project is expected to increase oil processing capacity from 1 million barrels per day (BPD) to 2 million BPD," Arifin said when opening the 2019 Pertamina Energy Forum.

The upgrading project is carried out by Pertamina for four existing refineries, namely refineries in Balikpapan, East Kalimantan, Balongan, West Java, Dumai Riau, and Cilacap, Central Java. While the new refinery projects, namely Tuban Refinery in East Java and Bontang Refinery in East Kalimantan. The entire refinery project is rolling. In working on refineries, Pertamina also cooperates with partners.

Pertamina is working on the Tuban refinery with Rosneft Oil Company and Bontang Refinery with Overseas Oil and Gas LLC (OOG). In addition, Pertamina is also working with Saudi Aramco to work on the Cilacap Refinery Project. According to Nicke Widyawati, Pertamina and Saudi Aramco are continuing negotiations on the work on the Cilacap Refinery Project, mainly about valuation.

Overseas Oil and Gas LLC (OOG)

Pertamina prepared two options following the negotiations that were not immediately completed. First, Pertamina and Saudi Aramco will continue to work on the Cilacap Refinery if there is an agreement at the end of this year.

Nicke Widyawati

"If an agreement does not occur, there is a scheme similar to that in the Balikpapan Refinery. Existing refineries are not spun off, so build the refinery yourself. So hopefully there will be an agreement, "She said.

The Cilacap refinery is targeted to start operating in 2025. After upgrading, the crude oil processing capacity of the Cilacap Refinery will increase from 348 thousand barrels per day (BPH) to 400 thousand BPD. 

   Furthermore, there will be additional production of gasoline (gasoline) 80 thousand BPD, diesel 60 thousand BPD, and aviation fuel of 40 thousand BPD. Fuel production increased significantly because the ability of refineries to process crude oil into finished products (NCI) rose from 74% to 92-98%.

At present, Pertamina is ready to execute the land acquisition for the Cilacap Refinery Project. In addition, the company is also conducting auctions to look for contractors who work on Early Work or site development. The signing of this early work contract is targeted to be carried out in December 2019.

Luhut Binsar Pandjaitan

Previously, Coordinating Minister for Maritime Affairs and Investment Luhut Binsar Pandjaitan said the government would evaluate the Cilacap Refinery Project given there were still differences in the results of valuation conducted by each oil and gas company around the US $ 1.5 billion.

"If it remains that much [the difference in asset valuations], we see other options, there are already other choices," he said.

Balikpapan Refinery

Meanwhile, Pertamina also opened new options for cooperation with Saudi Aramco, an oil and gas company originating from Saudi Arabia, in addition to the Cilacap Refinery Project. Pertamina offers Saudi Aramco the same scheme as the Balikpapan Refinery if there is no detailed agreement on the Cilacap Refinery.

Nicke Widyawati

     Pertamina Managing Director Nicke Widyawati said Pertamina and Saudi Aramco were still in the middle of negotiating cooperation in the Cilacap Refinery Project, mainly about valuation. However, Pertamina is also preparing two options following the completion of these negotiations.

      First, Pertamina and Saudi Aramco will continue to work on the Cilacap Refinery if there is an agreement at the end of 2019. Second, Pertamina also offers the same scheme as the Balikpapan Refinery Project for the Cilacap Refinery.

"If an agreement does not occur, there is a scheme similar to that in the Balikpapan Refinery. Existing refineries are not spun off, so build the refinery yourself. So hopefully there will be an agreement, "he said.

Pertamina has cooperated with Saudi Aramco to work on this project since 2014. In 2016, both of them even signed an agreement to form a joint venture (Joint Venture Development Agreement / JVDA). However, until now, the two have not yet formed a joint venture, this is because there has not been any agreement on the valuation of assets.

      Regarding asset valuation, this is needed to fulfill one of the demands of the Saudi Arabian oil and gas company, namely the asset spin-off to be subsequently included in a joint venture.

However, the problem of asset valuation differences in the Cilacap Refinery has dragged on. The Cilacap refinery is targeted to start operating in 2025. After upgrading, the crude oil processing capacity of the Cilacap Refinery will increase from 348 thousand barrels per day (BPD) to 400 thousand BPD.

     Furthermore, there will be additional production of gasoline (gasoline) 80 thousand BPD, diesel 60 thousand BPD, and aviation fuel of 40 thousand BPD. Fuel production increased significantly because the ability of refineries to process crude oil into finished products (NCI) rose from 74% to 92-98%.

IN INDONESIA

Menteri ESDM Dorong Pertamina Percepat Proyek Kilang

Menteri Energi dan Sumber Daya Mineral (ESDM) Arifin Tasrif mendorong Pertamina untuk mempercepat penyelesaian enam proyek kilang yang tengah digarap. Keenam kilang tersebut masing-masing empat proyek perbaikan dan peningkatan kapasitas kilang (upgrading) dan dua proyek kilang baru.

“Proyek kilang ini diharapkan dapat meningkatkan kapasitas pengolahan minyak dari 1 juta barel per hari (bph) menjadi 2 juta bph,” kata Arifin ketika membuka Pertamina Energy Forum 2019.

Proyek upgrading dikerjakan Pertamina untuk empat kilang eksisting, yakni kilang di Balikpapan, Kalimantan Timur, Balongan Jawa Barat, Dumai Riau, serta Cilacap Jawa Tengah. Sementara proyek kilang baru, yakni Kilang Tuban di Jawa Timurdan Kilang Bontang di Kalimantan Timur. Seluruh proyek kilang ini sudah bergulir. Dalam menggarap kilang, Pertamina juga menggandeng mitra. 

Pertamina menggarap Kilang Tuban bersama Rosneft Oil Company dan Kilang Bontang dengan Overseas Oil and Gas LLC (OOG). Selain itu, Pertamina juga bekerja sama dengan Saudi Aramco untuk menggarap Proyek Kilang Cilacap. Menurut Nicke, Pertamina dan Saudi Aramco masih melanjutkan negosiasi kerja sama pengerjaan Proyek Kilang Cilacap, utamanya soal valuasi. 

Pertamina menyiapkan dua opsi menyusul tidak segera rampungnya negosiasi ini. Pertama, Pertamina dan Saudi Aramco akan melanjutkan pengerjaan Kilang Cilacap jika di akhir tahun ini ada kesepakatan.

“Kalau tidak terjadi kesepakatan, ada skema yang sama dengan di Kilang Balikpapan. Existing kilang tidak di-spin off, jadi bangun kilang sendiri saja. Jadi semoga kesepakatan akan ada,” kata Nicke.

Kilang Cilacap ditargetkan mulai beroperasi pada 2025. Pasca upgrading, kapasitas pengolahan minyak mentah Kilang Cilacap akan naik dari 348 ribu barel per hari Gaph) menjadi 400 ribu bph. Selanjutnya, bakal ada tambahan produksi bensin (gasoline) 80 ribu bph, solar 60 ribu bph, dan avtur 40 ribu bph. Produksi bahan bakar naik signifikan lantaran kemampuan kilang mengolah minyak mentah menjadi produk jadi (NCI) naik dari 74% menjadi 92-98%.

Saat ini, Pertamina siap mengeksekusi pengadaan lahan untuk Proyek Kilang Cilacap. Selain itu, perseroan juga sedang melaksanakan lelang untuk mencari kontraktor yang menggarap Early Work atau penyiapan lokasi (site development). Penandatanganan kontrak pekerjaan early work ini ditargetkan dilakukan pada Desember 2019.

Sebelumnya, Menteri Koordinator Bidang Kemaritiman dan Investasi Luhut Binsar Pandjaitan mengatakan, pemerintah akan mengevaluasi Proyek Kilang Cilacap mengingat masih ada perbedaan hasil valuasi yang dilakukan oleh masing-masing perusahaan migas sekitar US$ 1,5 miliar. 

“Kalau masih tetap segitu [selisih valuasi aset], kami melihat pilihan lain, sudah ada pilihan lain,” kata dia.

Kilang Balikpapan

Sementara itu, Pertamina juga membuka opsi baru kerja sama dengan Saudi Aramco, perusahaan migas yang berasal dari Arab Saudi, selain Proyek Kilang Cilacap. Pertamina menawarkan Saudi Aramco skema yang sama dengan Kilang Balikpapan jika tidak ada kesepakatan terkail Kilang Cilacap. 

     Direktur Utama Pertamina Nicke Widyawati menuturkan, Pertamina dan Saudi Aramco masih melanjulkan negosiasi kerja sama pengerjaan Proyek Kilang Cilacap, utamanya soal valuasi. Namun, Pertamina juga menyiapkan dua opsi menyusul tidak kunjung rampungnya negosiasi ini.

Pertama, Pertamina dan Saudi Aramco akan melanjutkan pengerjaan Kilang Cilacap jika di akhir 2019 ada kesepakatan. Kedua, Pertamina juga menawarkan skema yang sama dengan Proyek Kilang Balikpapan untuk Kilang Cilacap.

“Kalau tidak terjadi kesepakatan, ada skema yang sama dengan di Kilang Balikpapan. Existing kilang tidak di-spin off, jadi bangun kilang sendiri saja. Jadi semoga kesepakatan akan ada," kata dia.

Pertamina telah menggandeng Saudi Aramco untuk menggarap proyek ini sejak 2014 silam. Pada 2016, keduanya bahkan telah menandatangani perjanjian pembentukan perusahaan patungan (Joint Venture Development Agreement/ JVDA). Namun, hingga kini, keduanya belum juga membentuk perusahaan patungan, hal ini lantaran belum ada kesepakalan valusi aset. 

      Terkait valuasi aset, hal ini dibutuhkan untuk memenuhi salah satu permintaan perusahaan migas Arab Saudi itu, yakni spin-off aset untuk selanjutnya dimasukkan dalam perusahaan patungan (joint venture).

Namun, permasalahan perbedaan valuasi aset Kilang Cilacap ini sudah berlarut-larut. Kilang Cilacap ditargetkan mulai beroperasi pada 2025. Pasca upgrading, kapasitas pengolahan minyak mentah Kilang Cilacap akan naik dari 348 ribu barel per hari (bph) menjadi 400 ribu bph. 

     Selanjutnya, akan ada tambahan produksi bensin (gasoline) 80 ribu bph, solar 60 ribu bph, dan avtur 40 ribu bph. Produksi bahan bakar naik signifikan lantaran kemampuan kilang mengolah minyak mentah menjadi produk jadi (NCI) naik dari 74% menjadi 92-98%. 

Investor Daily, Page-14, Wednesday, Nov 27, 2019

2 New Options for Aramco

PT Pertamina (Persero) ensured the submission of two refinery project development options in order to continue its cooperation with Saudi Aromco. Pertamina President Director Nicke Widyawati said that with Saudi Aramco at present the company already has two cooperation options. According to him, the first option is the initial cooperation scheme, as discussed so far at the Cilacap Refinery.

There is one more option, if there is no agreement on the valuation price. There is a similar scheme as in Balikpapan. So the existing refineries are not spin off, so the scheme will only build the facilities, "he said at the 2019 Pertamina Energy Forum press conference.

For the second option, Pertamina and Aramco do not need to spin off or not enter the valuation of existing refineries. Under this scheme, cooperation with Saudi Aramco is limited to new units. However, Pertamina and Saudi Aramco are continuing negotiations on the work on the Cilacap Refinery Project, mainly about valuation.

"We hope that with these two options, an agreement with Aramco can happen immediately before the end of 2019.

Ignatius Tallulembang, Director of the Pertamina Processing and Petrochemical Megaproject, said Aramco was still focused on completing the asset valuation process at the Cilacap Refinery. Later, with this new scheme the two companies will form a joint venture to build a new refinery facility in Cilacap without including Pertamina's existing assets.

Pertamina still wants to be the majority owner of the Cilacap RDMP project. In the Cilacap Refinery project Pertamina has a 55% majority stake and Saudi Aramco 45%. The division is in accordance with the agreement of the two companies in the head of agreement signed at the end of 2015. According to the notes, the finding of an agreement on the asset valuation of the Cilacap refinery did not immediately open up new partnership opportunities in the development plan of one of the national strategic projects.

Luhut Binsar Pandjaitan

Because of the nearly three-year agreement establishing a Pertamina-Aramco joint venture in the Cilacap Refinery Development Master Plan (RDMP) project, the future of this oil and gas cooperation is still a big question mark. Maritime and Investment Coordinating Minister Luhut Binsar Pandjaitan said the government was still awaiting the results of the valuation of Pertamina refinery assets by international financial consultants. However, based on provisional estimates, Luhut said there are still differences in asset valuations of around US $ 1.5 billion.

"(With) Aramco we are evaluating because the difference is still US $ 1.5 billion. So let's see, "he said.

Erick Thohir

Signs of the search for new partners were planned by SOE Minister Erick Thohir on October 29 after attending a coordination meeting with the Coordinating Minister for Maritime and Investment.

IN INDONESIA

2 Opsi Baru untuk Aramco

PT Pertamina (Persero) memastikan pengajuan dua opsi pengembangan proyek kilang demi melanjutkan kerja samanya dengan Saudi Aromco. Direktur Utama Pertamina Nicke Widyawati mengatakan dengan Saudi Aramco saat ini pihaknya sudah memiliki dua opsi kerja sama. Menurutnya, opsi pertama adalah skema kerja sama awal, seperti yang sudah dibahas selama ini di Kilang Cilacap. 

Ada satu opsi lagi, jika tidak ada kesepakatan di harga  valuasi. Ada skema yang sama seperti di Balikpapan. Jadi eksisting kilangnya tidak di spin off, jadi skemanya nanti hanya membangun fasilitasnya saja, “ ujarnya dalam konferensi pers Pertamina Energy Forum 2019.

Untuk opsi kedua, Pertamina dan Aramco tidak perlu melakukan spin off atau tidak memasukkan valuasi kilang eksisting. Dalam skema ini, kerja sama dengan Saudi Aramco hanya sebatas untuk unit baru. Namun Pertamina dan Saudi Aramco masih melanjutkan negosiasi kerja sama pengerjaan Proyek Kilang Cilacap, utamanya soal valuasi. 

“Kita harapkan dengan adanya dua opsi ini kesepakatan dengan Aramco bisa segera terjadi sebelum akhir tahun 2019. 

Ignatius Tallulembang, Direktur Megaproyek Pengolahan dan Petrokimia Pertamina, mengatakan Aramco masih fokus untuk menyelesaikan proses valuasi aset di Kilang Cilacap. Nantinya, dengan skema baru ini kedua perusahaan membentuk perusahaan patungan untuk membangun fasilitas kilang baru di Cilacap tanpa memasukan perhitungan aset eksisting milik Pertamina. 

Pertamina tetap berkeinginan menjadi pemilik mayoritas proyek RDMP Cilacap. Pada proyek Kilang Cilacap Pertamina memiliki saham mayoritas 55% dan Saudi Aramco 45%. Pembagian tersebut sudah sesuai dengan kesepakatan kedua perusahaan dalam head of agreement yang ditandatangani akhir 2015. Menurut catatan, tidak segera ditemukannya kesepakatan pada valuasi aset kilang Cilacap membuka peluang kemitraan baru dalam rencana pengembangan salah satu proyek strategis nasional itu. 

Karena Hampir tiga tahun perjanjian pembentukan perusahaan patungan Pertamina-Aramco dalam proyek Refinery Development Master Plan (RDMP) Kilang Cilacap, masa depan kerja sama migas ini masih menjadi tanda tanya besar. Menteri Koordinator Maritim dan Investasi Luhut Binsar Pandjaitan mengatakan pemerintah masih menunggu hasil valuasi aset Kilang Pertamina oleh konsultan keuangan internasional. Hanya saja, berdasarkan perkiraan sementara, Luhut menyebut masih ada perbedaan valuasi aset sekitar US$1,5 miliar. 

“(Dengan) Aramco kami sedang evaluasi karena selisihnya masih ada US$1,5  miliar. Jadi mari kita lihat,” tuturnya.

Tanda-tanda pencarian mitra baru pun telah direncanakan oleh Menteri BUMN Erick Thohir pada 29 Oktober lalu  seusai mengikut rapat koordinasi dengan Menteri Koordinator Maritim dan Investasi. 

Bisnis Indonesia, Page-3, Wednesday, Nov 27, 2019

Pertamina Offers Alternative to Aramco

PT Pertamina (Persero) provides an alternative project for the development of a petrochemical refinery to Saudi Aramco if the oil and gas company originating from Saudi Arabia cannot accept the asset valuation of the Cilacap Refinery.

Pertamina Corporate Secretary Tajudin Noor said negotiations between Pertamina and Aramco were ongoing in Saudi Arabia. For this reason, his party is still waiting for the decision of the Saudi Arabian oil and gas BUMN on the alternative refinery projects offered by Pertamina.

"Yes, if they still cannot accept the valuation [Cilacap refinery], we offer another alternative for the development of the petrochemical refinery," he said.

Tajudin could not yet explain which project alternatives were intended. In the six Pertamina refinery development and development projects, the technical capabilities of production facilities are indeed adjusted for petrochemicals. ESDM Minister Arifin Tasrif still hopes there will be a bright spot for cooperation between Pertamina and Aramco.

"Hopefully in the near future there will be an agreement. Just wait for some time to come, "he said.

Saudi Aramco

Meanwhile, Acting Director General of Oil and Gas Djoko Siswanto agreed there were several alternative refinery projects offered to Aramco.

"If it's a deal [asset valuation], then it starts [Cilacap Refinery]. If that is not a deal, there will be offers to be built in other regions, "he said.

Djoko confirmed that the alternative project was a new refinery construction project. It's just that, the main choice is still developing the Cilacap refinery together. As an alternative refinery project, the government will invite Aramco to choose to build an independent refinery or to cooperate with Pertamina.

"Yes, we offer Aramco elsewhere. It doesn't have to be in Cilacapp "he added.

Previously, Pertamina's Director of Processing and Petrochemical Megaproject Ignatius Tallulembang said that his party accelerated the progress of four refinery development projects (RDMP) and two new refinery developments (GRR). All Pertamina refineries can later produce petrochemicals and fuel products. 

     With four RDMP projects and two GRRs, Pertamina's refinery capacity will be 2 million barrels per day (bpd) in 2026 with an oil production volume of 200 million liters per day. In addition, the volume of petrochemical production will increase to 6,000 kilo tons per year from the current 600 kilo tons per year.

IN INDONESIA

Pertamina Tawarkan Alternatif ke Aramco

PT Pertamina (Persero) memberikan proyek alternatif untuk pengembangan kilang petrokimia kepada Saudi Aramco apabila perusahaan migas berasal dari Arab Saudi tersebut tidak dapat menerima valuasi aset Kilang Cilacap. 

Sekretaris Perusahaan Pertamina Tajudin Noor mengatakan negosiasi antara Pertamina dan Aramco masih berlangsung di Arab Saudi. Untuk itu, pihaknya masih menunggu keputusan BUMN migas Arab Saudi tersebut atas alternatif proyek kilang yang ditawarkan Pertamina. 

“Ya jika mereka tetap tidak dapat menerima valuasinya [kilang Cilacap], kita tawarkan altematif lain untuk pengembangan kilang petrokimia,” katanya.

Tajudin belum dapat menjelaskan altematif proyek mana saja yang dimaksud. Dalam enam proyekpembangunan dan pengembangan kilang Pertamina, kemampuan teknis fasilitas produksi memang disesuaikan untuk petrokimia. Menteri ESDM Arifin Tasrif masih berharap ada titik cerah atas kerja sama antara Pertamina dan Aramco. 

“Mudah mudahan dalam waktu dekat sudah mulai ada kesepakatan. Tunggu saja beberapa waktu ke depan,” katanya. 

Sementara itu, Pelaksana Tugas Dirjen Migas Djoko Siswanto mengamini adanya beberapa alternatif proyek kilang yang ditawarkan kepada Aramco. 

“Kalau itu deal [valuasi aset] ya dimulai [Kilang Cilacap]. Kalau itu tidak deal, ada penawaran dibangun di wilayah lain,” ujarnya.

Djoko membenarkan bahwa alternatif proyek adalah proyek pembangunan kilang baru. Hanya saja, pilihan utama masih mengembangkan kilang Cilacap bersama. Untuk alternatif proyek kilang, pemerintah akan mempersilahkan Aramco memilih membangun kilang mandiri atau bekerja sama dengan Pertamina. 

“Ya Aramco kita tawarin di tempat lain. Tidak harus di Cilacapp"  tambahnya. 

Sebelumnya, Direktur Megaproyek Pengolahan dan Petrokimia Pertamina Ignatius Tallulembang mengatakan pihaknya mengakselerasi progres empat Proyek Pengembangan kilang (RDMP) dan dua pembangunan baru kilang (GRR). Semua kilang Pertamina nantinya dapat memproduksi petrokimia dan produk bahan bakar minyak. 

     Dengan adanya empat proyek RDMP dan dua GRR, kapasitas kilang Pertamina menjadi 2 juta barel per hari (bph) pada 2026 dengan volume produksi minyak sebesar 200 juta liter per hari. Selain itu, volume produksi petrokimia akan menigkat menjadi 6.000 kilo ton per tahun dari yang saat ini 600 kilo ton per tahun.

Bisnis Indonesia, Page-24, Wednesday, Nov 20, 2019

Pertamina Promises to Speed ​​Up Oil Refinery Project

Pertamina and Saudi Aramco are still negotiating related to the development of the Cilacap Refinery

Saudi Aramco

Until now, Indonesia's current account deficit (CAD) has not been resolved. One of the causes is the ever-increasing import of fuel oil (BBM), while the domestic oil and gas production (liffting oil and gas) is decreasing. Regarding this issue, the Coordinating Minister (Menko) Maritime and Investment, Luhut Binsar Panjaitan spoke up. Luhut said that his party conducted an evaluation of all Pertamina refinery projects, in an effort to meet fuel needs and suppress CAD.

Luhut Binsar Panjaitan

At present, there are six refinery projects that are being worked on by Pertamina, consisting of four projects / development or Refinery Development Master Plan (RDMP) and two new projects or PT Pertamina's Grass Root Refinery (GRR) VP Corporate Communication, Fajriyah Usman, said it will undertake various efforts to accelerate the construction of refineries.

Fajriyah Usman

"With acceleration there will also be efficiency in terms of costs that can be reduced," said Fajriyah in Jakarta.

Fajriyah explained, so far the construction of the refinery has been carried out in parallel. Well, one of the acceleration efforts through dual feed competition is claimed to cut the project time to one year.

"Licensing is also being managed," said Fajriyah.

Regarding the continuation of the joint venture plan with Saudi Aramco at the Cilacap Refinery, Fajriyah stressed, the discussion process was still ongoing so far. Previously, Luhut highlighted the Cilacap RDMP which is still hanging due to the very difficult partnership negotiations with Saudi Aramco. Luhut said there was no agreed final value related to the asset valuation of the Cilacap refinery.

"We evaluate the difference between Aramco and US $ 1.5 billion. If it is correct, we will certainly see other options," said Fajriyah.

According to Fajriyah, if the acquisition mechanism was not successful, Pertamina considered other mechanisms. As for the other schemes such as the provision of process fees aka toll fees. But Fajriyah did not elaborate on the mechanism. What is clear, the new mechanism is one of the topics of discussion,

"The mechanism will be discussed later, until now it is still with Aramco. We will see what December looks like," said Fajriyah.

Some time ago, Pertamina offered a scheme that Pertamina would have its own portion in the development of the Cilacap Refinery, at its own expense. PT Pertamina's Director of Processing and Petrochemical Megaprojects, Ignatius Tallulembang, said 65% -70% of the development funds came from loans, while the rest was from equity. If the development work carried out by Pertamina is completed, Saudi Aramco will be involved in the next stage of refinery development.

"So it's not a spin off anymore, it's not an asset valuation, but maybe it's like an asset we just co-created, a new one," he said.

Ignatius also ensured Pertamina continued to strive to accelerate the refinery project, as an effort to meet the needs of fuel.

"RDMP Balikpapan has entered the construction stage and is currently in the process of procuring all the main equipment," he said.

IN INDONESIA

Pertamina Janji Percepat Proyek Kilang Minyak

Pertamina dan Saudi Aramco masih bernegosiasi terkait pengembangan Kilang Cilacap

Hingga saat ini, defisit transaksi berjalan atau Current Account Deficit (CAD) Indonesia belum juga teratasi. Salah satu penyebabnya adalah impor bahan bakar minyak (BBM) yang terus membesar, sedangkan produsi minyak dan gas ( liffting migas) dalam negeri justru menurun. Mengenai persoalan tersebut, Menteri Koordinator (Menko) Maritim dan Investasi, Luhut Binsar Panjaitan angkat bicara. Luhut mengatakan pihaknya melakukan evaluasi pada semua proyek kilang Pertamina, sebagai upaya memenuhi kebutuhan BBM dan menekan CAD.

Saat ini, ada enam proyek kilang yang sedang digarap Pertamina, terdiri dari empat proyek /pengembangan atau Refinery Development Master Plan (RDMP) dan dua proyek baru atau Grass Root Refinery (GRR) VP Covporate Communication PT Pertamina, Fajriyah Usman, menyatakan pihaknya akan melakukan berbagai upaya demi mempercepat pembangunan kilang. 

"Dengan percepatan juga akan ada efisiensi dari sisi biaya yang bisa ditekan," ujar Fajriyah di Jakarta.

Fajriyah menjelaskan, selama ini pembangunan kilang telah dilakukan secara paralel. Nah, salah satu upaya percepatan melalui dual  feed competition yang diklaim memangkas waktu proyek menjadi satu tahun. 

"Perizinan juga terus diurus," kata Fajriyah.

Tentang kelanjutan rencana kongsi dengan Saudi Aramco di Kilang Cilacap, Fajriyah menegaskan, proses diskusi masih berlangsung sejauh ini. Sebelumnya, Luhut menyoroti RDMP Cilacap yang masih menggantung akibat sangat sulit negosiasi kemitraan dengan Saudi Aramco. Luhut menyebutkan belum ada nilai akhir yang disepakati terkait valuasi aset kilang Cilacap. 

"Aramco kami evaluasi selisihnya masih ada US$ 1,5 miliar. Kalau betul tetap seperti itu, tentu kami lihat pilihan lain," kata Fajriyah.

Menurut Fajriyah, jika mekanisme akuisisi tidak berhasil, maka Pertamina mempertimbangkan mekanisme lain. Adapun skema lain tersebut seperti pemberian biaya proses alias toll fee. Namun Fajriyah tidak memerinci seputar mekanisme tersebut. Yang jelas, mekanisme baru merupakan salah satu yang menjadi topik diskusi, 

"Nanti mau dibicarakan mekanismenya, sampai saat ini masih dengan Aramco. Kita lihat Desember seperti apa," kata Fajriyah.

Beberapa Waktu lalu, Pertamina menawarkan skema yakni Pertamina akan memiliki porsi sendiri dalam pengembangan Kilang Cilacap, dengan tanggungan biaya sendiri. Direktur Megaproyek Pengolahan dan Petrokimia PT Pertamina, Ignatius Tallulembang, menyebutkan 65%-70% dana pengembangan itu berasal dari pinjaman, sementara sisanya dari ekuitas. Jika bagian pengerjaan pengembangan yang dilakukan Pertamina selesai, Saudi Aramco ikut terlibat dalam pengembangan kilang tahap selanjutnya. 

"Jadi bukan spin off lagi, bukan valuasi aset, tapi mungkin seperti aset baru saja kita kerjasama bikin yang baru," ungkap dia.

Ignatius juga memastikan Pertamina terus mengupayakan percepatan proyek kilang, sebagai upaya pemenuhan kebutuhan BBM. 

"RDMP Balikpapan sudah masuk tahap konstruksi dan saat ini proses pengadaan seluruh peralatan utama," ungkap dia.

Kontan, Page-14, Thursday, Nov 14, 2019

Luhut Opens New Option for Cilacap Refinery Development

Maritime and Investment Coordinating Minister Luhut Binsar Panjaitan said there were other options for the development of the Cilacap Refinery if PT Pertamina (Persero) and Saudi Aramco did not reach an agreement. This is because both of them are still negotiating about the size of the asset valuation of the Cilacap Refinery.

Luhut Binsar Panjaitan

Pertamina has cooperated with Saudi Aramco to work on this project since 2014. In 2016, both of them even signed a joint venture development agreement (JVDA) agreement. However, until now, the two have not yet formed this joint venture because there is no asset valusi agreement yet.

Saudi Aramco

According to Luhut, Pertamina and Saudi Aramco are still conducting valuations and have not yet finished. The government will evaluate this project because there are still differences in the results of valuations conducted by each oil and gas company around US $ 1.5 billion.

"If it remains that much [the difference in asset valuations], we see other options, there are already other choices," he said in Jakarta.

This asset valuation is needed to fulfill one of the requests of the Saudi Arabian oil and gas company, namely Spin Off Assets to be subsequently included in a joint venture. However, the problem of asset valuation differences in the Cilacap Refinery has dragged on. 

     Director of Processing and Petrochemical Megaproject Ignatius Tallulembang said, this was the umpteenth evaluation done by his side. However, different from before, this valuation was carried out by an international finance advisory firm (international financial advisor) who was jointly appointed by the two companies. The results of this valuation have not yet come out.

"[With Saudi Aramco] already started, move forward," he said after a meeting with Minister Luhut.

He said the results of the asset valuation of the Cilacap Refinery will be released and will be agreed soon at the end of this year. Luhut said, the first valuation was carried out for other purposes, so that it was only used as an estimated project, which was around US $ 2.8 billion. Furthermore, with the approval of Saudi Aramco, Pertamina conducts valuations in accordance with the Financial Services Authority (OJK) standards.

Unfortunately, Saudi Aramco did not agree on the figures resulting from this valuation due to differences in parameters and assumptions. Next, he said, Pertamina conducted a valuation by appointing the best consultant in the international world, namely Price Water House Cooper (PWC). The appointment of the PWC was as required by Saudi Aramco, who asked to appoint one of the world's four major consultants.

Price Waterhouse Coopers (PWC)

However, the results of the PWC valuation, after negotiations, there was still no agreement from Saudi Aramco. Previously, Pertamina had expressed its ability to work on the Cilacap Refinery with or without Saudi Aramco. In fact, Tallulembang mentioned that it had prepared a new scheme. 

     In this new scheme offered, among others, Saudi Aramco began to be involved after Pertamina completed the development of the Cilacap Refinery. Thus, Pertamina will bear the development costs by itself. But it does not rule out the possibility of the company looking for funding partners in completing the refinery project.

In fact, parallel with valuation, it is ready to execute land acquisition for the Cilacap Refinery Project. In addition, the company is also holding an auction to find a contractor working on early work or site development. The signing of the early work contract is targeted to be carried out in December. The Cilacap refinery is targeted to start operating in 2025. 

      After upgrading, the crude oil processing capacity of the Cilacap Refinery will increase from 348 thousand barrels per day (bpd) to 400 thousand bpd. Furthermore, there will be additional production of gasoline (gasoline) 80 thousand bpd, diesel 60 thousand bpd, and aviation fuel of 40 thousand bpd. Fuel production increased significantly because the ability of refineries to process crude oil into finished products (NCI) rose from 74% to 92-98%.

Accelerated

At the same time, Luhut also asked Pertamina to accelerate the work on refinery projects. He requested that the company work on all refinery projects in parallel.

"So it's parallel, so that we can speed up the time maybe biennial, now we are evaluating one by one. "I have already identified, next week Pertamina will report me again about the time table," he said.

Minister of Energy and Mineral Resources (ESDM) Arifin Tasrif also expressed the same thing. To accelerate the construction of the refinery, he will try to overcome the obstacles of this project, such as regulations, permits, and domestic problems.

"The Coordinating Minister for Maritime Affairs Luhut hopes that soon it will be possible. "In the next five years," he said.

Previously, Tallulembang had conveyed the progress of the refinery projects, where an important stage would be reached by the company in December this year.

"All projects are moving, everything is underway. So we accelerated and everything went according to the target, nothing was left behind, "he said.

Referring to the Committee for the Acceleration of Priority Infrastructure Provision (KPPIP), the investment value of all Pertamina refinery projects reached Rp 643.11 trillion. The entire refinery project is targeted to be completed in 2027. 

     With the construction of the refinery, the company's processing capacity will increase to 2 million bpd with a fuel production rate of 1.7 million bpd, from the current 1 million bpd. Thus, Pertamina will be able to meet the fuel needs in the next five years amounting to 1.7 million bpd, assuming growth in fuel needs is 3-4% per year and current needs are 1.5 million bpd.

IN INDONESIA

Luhut Buka Opsi Baru Pengembangan Kilang Cilacap

Menteri Koordinator Kemaritiman dan Investasi Luhut Binsar Panjaitan menyatakan ada opsi lain untuk pengembangan Kilang Cilacap jika PT Pertamina (Persero) dan Saudi Aramco tidak mencapai kesepakatan. Hal ini mengingat keduanya masih negosiasi soal besaran valuasi aset Kilang Cilacap.

Pertamina telah menggandeng Saudi Aramco untuk menggarap proyek ini sejak 2014 silam. Pada 2016, keduanya bahkan telah meneken perjanjian pembentukan perusahaan patungan (join venture development agreement/JVDA). Namun, hingga kini, keduanya belum juga membentuk perusahaan patungan ini lantaran belum ada kesepakatan valusi aset. 

Menurut Luhut, Pertamina dan Saudi Aramco masih melakukan valuasi dan belum selesai. Pemerintah akan mengevaluasi proyek ini mengingat masih ada perbedaan hasil valuasi yang dilakukan oleh masing-masing perusahaan migas sekitar US$ 1,5 miliar. 

“Kalau masih tetap segitu [selisih valuasi aset], kami melihat pilihan lain, sudah ada pilihan lain,” kata dia di Jakarta.

Valuasi aset ini dibutuhkan untuk memenuhi salah satu permintaan perusahaan migas Arab Saudi itu, yakni Spin Off Aset untuk selanjutnya dimasukkan dalam perusahaan patungan (joint venture). Namun, permasalahan perbedaan valuasi aset Kilang Cilacap ini sudah berlarut-larut. 

     Direktur Megaproyek Pengolahan dan Petrokimia Ignatius Tallulembang menuturkan, ini valuasi yang kesekian kali dilakukan pihaknya. Namun, berbeda dengan sebelumnya, valuasi ini dilakukan oleh perusahaan konsultan pembiayaan internasional (internasional financial advisor) yang ditunjuk bersama oleh kedua perusahaan. Hasil valuasi ini belum keluar.

“[Dengan Saudi Aramco] sudah dimulai, bergerak maju lah,” ujar dia usai rapat dengan Menteri Luhut. 

Hasil valuasi aset Kilang Cilacap disebutnya akan keluar dan segera disepakati akhir tahun ini. Luhut menceritakan, Valuasi yang pertama dilakukan untuk keperluan lain, sehingga hanya digunakan sebagai perkiraan proyek saja, yakni sekitar US$ 2,8 miliar. Selanjutnya, atas persetujuan Saudi Aramco, Pertamina melakukan valuasi sesuai dengan standar Otoritas Jasa Keuangan (OJK). 

Sayangnya, Saudi Aramco tidak menyepakati angka yang dihasilkan dari valuasi ini lantaran adanya perbedaan parameter dan asumsi. Berikutnya, Pertamina disebutnya melakukan valuasi dengan menunjuk konsultan terbaik di dunia internasional, yakni Price Water House Cooper (PWC). Penunjukkan PWC sesuai yang disyaratkan Saudi Aramco yang meminta untuk menunjuk salah satu empat konsultan besar dunia.

Namun, hasil valuasi PWC ini, setelah dilakukan negosiasi, tetap tidak ada kata sepakat dari Saudi Aramco. Sebelumnya, Pertamina pernah mengungkapkan mampu menggarap Kilang Cilacap dengan atau tanpa Saudi Aramco. Bahkan, Tallulembang sempat menyebut telah menyiapkan skema baru. 

      Dalam skema baru ini yang ditawarkan antara lain Saudi Aramco mulai terlibat setelah Pertamina menyelesaikan pengembangan Kilang Cilacap. Sehingga, Pertamina menanggung sendiri biaya pengembangan yang dilakukannya. Namun tidak menutup kemungkinan perseroan mencari mitra pendanaan dalam penyelesaian proyek kilang.

Bahkan, paralel dengan dilakukannya valuasi, pihaknya siap mengeksekusi pengadaan lahan untuk Proyek Kilang Cilacap. Selain itu, perseroan juga sedang menggelar lelang untuk mencari kontraktor yang mengerjakan early work atau penyiapan lokasi (site development). Penandatanganan kontrak pekerjaan early work ini ditargetkan dilakukan pada Desember nanti. 

     Kilang Cilacap ditargetkan mulai beroperasi pada 2025. Pasca upgrading, kapasitas pengolahan minyak mentah Kilang Cilacap akan naik dari 348 ribu barel per hari (bph) menjadi 400 ribu bph. Selanjutnya, akan ada tambahan produksi bensin (gasoline) 80 ribu bph, solar 60 ribu bph, dan avtur 40 ribu bph. Produksi bahan bakar meningkat signifikan lantaran kemampuan kilang mengolah minyak mentah menjadi produk jadi (NCI) naik dari 74% menjadi 92-98%.

Dipercepat

Pada saat yang sama, Luhut juga meminta Pertamina untuk mempercepat pengerjaan proyek-proyek kilang bahan bakar minyak (BBM). Pihaknya meminta agar perseroan menggarap seluruh proyek kilang secara paralel.

“Jadi paralel, sehingga kami bisa percepat waktunya mungkin dua tahunan, sekarang kami evaluasi satu per satu. Tadi sudah di identifikasi, minggu depan Pertamina lapor saya lagi bagaimana time table-nya,” tutur dia.

Menteri Energi dan Sumber Daya Mineral (ESDM) Arifin Tasrif juga mengungkapkan hal yang sama. Untuk mempercepat pembangunan kilang, pihaknya akan berupaya mengatasi hambatan proyek ini, seperti peraturan, perizinan, dan masalah dalam negeri. 

“Pak Menko Maritim Luhut berharap bisa segera mungkin. Dalam lima tahun ke depan lah,” ujarnya.

Sebelumnya, Tallulembang telah menyampaikan progres proyek-proyek kilang ini, di mana tahapan penting akan dicapai perseroan pada Desember tahun ini. 

“Semua proyek sudah bergerak, sudah berlangsung semua. Jadi kami lakukan percepatan dan semua berjalan sesuai target, tidak ada yang tertinggal,” kata dia.

Mengacu data Komite Percepatan Penyediaan Infrastruktur Prioritas (KPPIP), nilai investasi seluruh proyek kilang Pertamina ini mencapai Rp 643,11 triliun. Seluruh proyek kilang perseroan ini ditargetkan selesai pada 2027. Dengan adanya pembangunan kilang maka kapasitas pengolahan perseroan akan naik menjadi 2 juta bph dengan tingkat produksi BBM 1,7 juta bph, dari saat ini 1 juta bph. Sehingga, Pertamina akan mampu memenuhi kebutuhan BBM dalam lima tahun mendatang sebesar 1,7 juta bph, dengan asumsi pertumbuhan kebutuhan BBM 3-4% per tahun dan kebutuhan saat ini 1,5 juta bph.

Investor Daily, Page-9, Tuesday, Nov 12, 2019