Saudi Arabia's Oil Exports to the United States Decline

Exports of crude oil from Saudi Arabia to the United States in March 2017 fell to 300,000 barrels per day from February 2017. According to officials of the Department of Energy of Saudi Arabia, the move is in line with the OPEC agreement to cut global supplies.

According to data from the Energy Information Administration (EIA), United States, the superpower imports about 1.3 million barrels per day of the OPEC member countries in February 2017. "Total exports fluctuated from week to week, but the average exports in March will go down," EIA officials said.

Export data shows Saudi Arabia's oil exports in January and February is higher, even though it's loaded cargo shipping November and December.

Saudi Arabia has cut oil production on a large scale after reaching an agreement with OPEC and non-member OPEC oil producers last year. The agreement was approved to reduce the supply of 1.8 million barrels per day. Over the past two weeks, oil prices continue to decline because of concerns the amount of oil stocks. Oil prices declined nearly 10% since March 7 after an increase in supply.

The price of oil in the week had slumped 2.69% to US $ 47.98 a barrel on Friday (24/3). The price of oil for delivery in May 2017 from the previous weekend US $ 49.31. In this week oil prices fell the most in the event on Thursday (23/3) in the level of US $ 47.7 per barrel. This means that there is a slight increase in prices at the weekend. 

    United States became the world's largest oil consumer. EIA explained last week the US to absorb as much as 533 million barrels in the week. US imports from Saudi Arabia suddenly rose more than 200,000 barrels per day to 1.28 million barrels after declining dramatically in the previous week.

Potential oil exports from Saudi Arabia to the US will increase. "This is because the addition of an oil refinery in the US. Cutting exports will help stockpiling crude oil in the US is reduced," said EIA officials. However, officials believe the ekeportir will still adhere to the agreements made in the past year. Imports from Iran and Kuwait declined in the week ended March 10, 2017.

IN INDONESIAN

Ekspor Minyak Arab Saudi ke Amerika Serikat Menurun

Ekspor minyak mentah dari Arab Saudi ke Amerika Serikat pada Maret 2017 jatuh 300.000 barel per hari dari Februari 2017. Menurut pejabat Departemen Energi Arab Saudi, langkah ini sejalan dengan kesepakatan OPEC untuk mengurangi pasokan global.

Menurut data Administrasi Informasi Energi (EIA) Amerika Serikat, negara adidaya ini mengimpor sekitar 1,3 juta barel per hari dari negara anggota OPEC pada Februari 2017. "Jumlah ekspor berfluktuasi dari minggu ke minggu, tapi rata-rata ekspor Maret akan turun," kata pejabat EIA.

Data ekspor menunjukkan ekspor minyak Arab Saudi pada Januari dan Februari lebih tinggi, meski pengiriman kargo itu dimuat November dan Desember.

Arab Saudi telah memangkas produksi minyak secara besar-besaran setelah mencapai kesepakatan dengan OPEC dan produsen minyak non anggota OPEC pada tahun lalu. Perjanjian tersebut menyetujui mengurangi pasokan 1,8 juta barel per hari. Selama dua pekan terakhir, harga minyak dunia terus menurun karena adanya kekhawatiran jumlah stok minyak. Harga minyak menurun hampir 10% sejak 7 Maret setelah adanya peningkatan pasokan.

Harga minyak dalam sepekan telah merosot 2,69% menjadi US$ 47,98 per barel pada Jumat (24/3). Harga minyak tersebut untuk pengiriman Mei 2017 dari akhir pekan sebelumnya US$ 49,31. Dalam pekan ini harga minyak melemah paling dalam terjadi pada Kamis (23/3) yang berada di level US$ 47,7 per barel. 

    Ini artinya ada sedikit kenaikan harga di akhir pekan. Amerika Serikat menjadi konsumen minyak terbesar di dunia. EIA memaparkan pada pekan lalu AS menyerap sebanyak 533 juta barel dalam seminggu. Impor Amerika Serikat dari Arab Saudi tiba-tiba naik lebih dari 200.000 barel per hari menjadi 1,28 juta barel setelah menurun drastis dalam sepekan sebelumnya.

Potensi ekspor minyak dari Arab Saudi ke AS akan meningkat. "Hal ini karena penambahan kilang minyak di AS. Pemotongan ekspor akan membantu penimbunan minyak mentah di AS berkurang," kata pejabat EIA. Namun, para pejabat percaya para ekeportir tetap akan mematuhi kesepakatan yang dibuat pada tahun lalu. Impor dari Iran dan Kuwait menurun selama sepekan sampai 10 Maret 2017.

Kontan, Page-20, Saturday, 25, March, 2017

Gas PNBP 2017 Can Higher

The increase in world oil prices increase opportunities Tax State Revenue (non-tax). Directorate General of Budget, Ministry of Finance Askolani say, non-tax revenues from oil and gas will be even better in the future. "In the first two months of 2017, its revenue on track, oil and gas revenues higher than the same period last year.

In addition to rising world oil prices, production (lifting) Indonesian oil and the strengthening of the rupiah also boosted non-tax revenues from oil and gas sector. If in 2016 the realization of non-tax oil and gas sector reached Rp 44.9 trillion, Askolani sure, the realization of this year will be greater.

According Askolani, in addition to higher prices, lifting the oil in the past two months was also higher than the same period in 2016. There is a tendency to exceed the target of our oil and gas revenues in the state budget in 2017.

In Budget 2017, the government targets the oil and gas sector non-tax revenues of Rp 63.7 trillion, assuming the price of crude oil Indonesia (ICP) at US $ 45 per barrel. Target non-tax revenues in the state budget in 2017 is lower than the target of non-tax revenues of oil and gas in the 2016 revised budget of Rp 68.7 trillion with ICP assumption of US $ 40 per barrel.

According Askolani, PNBP additional potential oil and gas sector will be included in the revised budget 2017. According to him, the increase in world crude oil prices to $ 50 per barrel will be considered by the government to raise non-tax revenues of oil and gas in 2017. The revised budget value will be decided before the revised budget proposed by the government. We Never seen a trend of two months.

Economist Samuel Asset Management Lana Soelistianingsih asked the government not to rush to raise non-tax revenues from oil and gas. Because there is no risk of price uncertainty. If it turns out later on oil prices tend to fall, then there will be potential revenue below target as last year.

There are consequences trimmed spending again, he said. According to Lana, assuming the price of oil and gas and non-tax revenues in the state budget targets in 2017 is quite safe. He suggested the government was in the safe zone.

IN INDONESIAN

PNBP Migas 2017 Bisa Lebih Tinggi

Kenaikan harga minyak dunia membuka peluang peningkatan Penerimaan Negara Bukan Pajak (PNBP). Dirjen Anggaran Kementerian Keuangan Askolani bilang, PNBP dari migas akan semakin baik ke depannya. "Di dua bulan awal 2017, pendapatan-nya on the track, penerimaan migas lebih tinggi ketimbang periode sama di tahun lalu.

Selain kenaikan harga minyak dunia, produksi (lifting) minyak Indonesia dan penguatan nilai tukar rupiah juga mendorong kenaikan PNBP dari sektor migas. Jika pada 2016 realisasi PNBP sektor migas mencapai Rp 44,9 triliun, Askolani yakin, realisasi tahun ini akan lebih besar.

Menurut Askolani, selain harga yang lebih tinggi, lifting minyak dalam dua bulan lalu juga lebih tinggi dibandingkan periode sama tahun 2016. Ada tendensi penerimaan migas kita melebihi target di APBN 2017.

Dalam APBN 2017, pemerintah mentargetkan PNBP sektor migas Rp 63,7 triliun dengan asumsi harga minyak mentah Indonesia (ICP) sebesar US$ 45 per barel. Target PNBP dalam APBN 2017 lebih rendah dibandingkan target PNBP migas dalam APBNP 2016 yang sebesar Rp 68,7 triliun dengan asumsi ICP sebesar US$ 40 per barel.

Menurut Askolani, potensi tambahan PNBP sektor migas akan dimasukkan dalam APBNP 2017. Menurut dia, kenaikan harga minyak mentah dunia menjadi US $ 50 per barel akan menjadi pertimbangan pemerintah menaikkan PNBP migas dalam APBNP 2017. Nilainya akan diputuskan sebelum APBNP diusulkan pemerintah. Kita Iihat tren dua bulan.

Ekonom Samuel Asset Management Lana Soelistianingsih meminta pemerintah tidak buru-buru menaikkan PNBP dari migas. Sebab masih ada risiko ketidak pastian harga. Jika ternyata nantinya harga minyak cenderung turun, maka akan ada potensi penerimaan negara di bawah target seperti tahun lalu.

     Ada konsekuensi belanja dipangkas lagi, katanya. Menurut Lana, asumsi harga dan target PNBP migas dalam APBN 2017 cukup aman. Dia menyarankan pemerintah berada di zona aman.

Kontan, Page-2, Saturday, 25, March, 2017

Gas reception Drastic Decline

Need a Conducive Investment Climate Energy

Seen falling world oil prices have a significant effect on state revenues in the oil and gas sector. Directorate General of Budget, Ministry of Finance Askolani revealed, the decline recorded since 2012 up to now. In the span of 2012-2014, the oil and gas sector can contribute to state revenues of more than Rp 300 trillion per year. "But getting here is getting down. In fact, last year not to touch the revenues of Rp 100 trillion, only the range of Rp 80 trillion to Rp 90 trillion.

During this time the oil and gas sector is believed to be one of the foundation driving the national economy. With admission free fall in the sector, the pressure on the state budget was unavoidable. "In fact, every year it is spending always goes up.

He added that oil price fluctuations not only hit Indonesia. The same conditions suffered by other oil-producing countries such as Russia, Saudi Arabia, as well as the countries of the Middle East region. He cited the conditions in Saudi Arabia should take the fuel price increase to patch up the state treasury. Conditions that must be followed when the oil price was down.

Askolani continue, if in 2015 the government does not take energy reform policy, the subsidy burden will continue to erode the state budget. "Fortunately, in 2015 the government changed the policy of energy and electricity subsidies. If it is not modified Minister (Finance when it Bambang Brodjonogoro, Red), we run out.

In the same place, the Minister of Energy and Mineral Resources (ESDM) Ignatius Jonan not too worried about the decline of state revenue from oil and gas sector. Because, for him, the most important thing today is to encourage equitable economic pertumbuham and increase purchasing power.

According to the former minister of transportation, is currently the most important is how the industry can be more competitive one way to efficiency. "It's been growing in our thinking that natural resources and it can be expected that the largest to sustain economic growth. Now it is not merely more

so.

Medco boss Hilmi Panigoro agree with Jonan on the principle of efficiency in the utilization of energy resources. The important thing is how to keep the current oil and gas prices could provide added value to the country's economic growth rate.

IN INDONESIAN

Penerimaan Migas Merosot Drastis

Butuh Iklim Investasi Energi yang Kondusif

Jebloknya harga minyak dunia berpengaruh signifikan terhadap penerimaan negara di sektor migas. Dirjen Anggaran Kemenkeu Askolani mengungkapkan, penurunan tersebut tercatat sejak 2012 hingga kini. Pada rentang 2012-2014, sektor migas bisa memberikan kontribusi penerimaan negara hingga lebih dari Rp 300 triliun tiap tahun. "Tapi semakin ke sini semakin turun. Bahkan, tahun lalu penerimaannya tidak sampai menyentuh Rp 100 triliun, hanya dikisaran Rp 80 triliun sampai Rp 90 triliun.

Selama ini sektor migas dipercaya sebagai salah satu tumpuan penggerak ekonomi nasional. Dengan terjun bebasnya penerimaan di sektor tersebut, tekanan pada APBN pun tidak terhindarkan. ”Padahal, tiap tahun belanja itu selalu naik.

Dia menambahkan, Fluktuasi harga minyak tidak hanya memukul Indonesia. Kondisi yang sama diderita negara penghasil minyak lainnya seperti Rusia, Arab Saudi, serta negara-negara kawasan Timur Tengah. Dia mencontohkan kondisi di Arab Saudi yang harus menempuh kebijakan menaikkan harga BBM untuk menambal kas negara. Kondisi itu harus dijalani di saat harga minyak yang terus tercatat turun.

Askolani melanjutkan, jika pada 2015 pemerintah tidak menempuh kebijakan reformasi energi, beban subsidi akan terus menggerus APBN. "Untungnya, 2015 pemerintah mengubah kebijakan subsidi energi dan listrik. Kalau tidak diubah Pak Menteri (Menkeu ketika itu Bambang Brodjonogoro, Red), habis kita.

Di tempat yang sama, Menteri Energi dan Sumber Daya Mineral (ESDM) Ignasius Jonan tidak terlalu khawatir dengan kondisi penurunan penerimaan negara dari sektor migas. Sebab, bagi dia, yang terpenting saat ini adalah mendorong pertumbuham ekonomi yang merata dan meningkatkan daya beli masyarakat.

Menurut mantan menteri perhubungan tersebut, saat ini yang terpenting adalah bagaimana industri bisa semakin kompetitif salah satu caranya dengan efisiensi. "Sudah tumbuh dalam pemikiran kita bahwa sumber daya alam itu bisa dan diharapkan yang terbesar untuk menopang pertumbuhan ekonomi. Sekarang tidak semata-mata lagi

begitu.

Bos Medco Hilmi Panigoro setuju dengan pendapat Jonan tentang prinsip efisiensi dalam pemanfaatan sumber daya energi. Yang penting bagaimana agar harga migas saat ini bisa memberikan nilai tambah terhadap tingkat pertumbuhan ekonomi negara.

Jawa Pos, Page-5, Saturday, 25, March, 2017

Pertamina Delaying Dumai Refinery Maintenance

The company ensures the delay is not due to technical reasons.

PT Pertamina reschedule maintenance programs crude oil processing facility in Dumai, Riau, into June. Treatment was delayed a month of the initial plan, ie May. "It should indeed of May," said Pertamina processing director, Toharso.

Toharso said the treatment plant was delayed because it coincides with Ramadan which will begin in late May. He estimates that the treatment takes up to 30 days. He assured the delay was not due to technical reasons.

Toharso said his team had observed that this delay will not affect the performance of the refinery. Previously, he asserts refinery maintenance must be in accordance with the schedule. Because, if delayed, the refinery at risk of disruption. Pertamina noted, throughout 2016, there were 35 disruptions performance. According to him, the older the plant, the treatment should be implemented on time.

"The leak of the initial less detectable because the refinery is old age. There should be early detection. If leaked him from the beginning. "Balikpapan refinery, for example, at the beginning of last year had extinguished for more than 24 hours due to leakage of steam from the pipe generator Refineries began to actively slow the distillation units of crude oil (crude distillation unit) IV on January 16, 2017. the next day, the unit started production at steady at 150 thousand barrels per day (bpd) from a capacity of 186 bpd. Refinery Pertamina Balikpapan including vital infrastructure with a capacity of 260 thousand bpd.

This refinery is the biggest contributor of petroleum products the second largest after the Cilacap refinery. Its products are diverse, including fuel (diesel fuel, Pertamax, aviation fuel, kerosene), gas and petrochemicals (LPG, aromatic products), as well as intermediate products (naphtha, LSWR). In 2016, refinery production volume reached 90.3 million barrels.

Toharso said, the Balikpapan refinery is undergoing routine maintenance since 13 March. The treatment period is predicted to reach 40 days. Refinery production shortfall will be met from other additional production refinery. Pertamina also patch the production of imports. "Turn around for the next 40 days. It has just 10 days. "

The new facility is completed treatment Balongan refinery in West Java. The new company completed the process of the refinery maintenance in late February. Had circulated the news that the refinery experienced a death total (total black out). Toharso denied the rumors. According to him, after the refinery maintenance period indeed. can not operate normally. Therefore, the team must turn on the machines there gradually. The stage takes up to five days

"Maybe they need adjustment and synchronization of the past until refinery runs normar. So it was not a total black out, but start up after the turn around, "said Toharso.

Balongan refinery has a strategic role because it produces a gasoline product supplied to Jakarta and West Java. The current capacity is 125 thousand barrels per day.

IN INDONESIAN

Pertamina Menunda Perawatan Kilang Dumai

Perusahaan memastikan penundaan bukan karena alasan teknis.

PT Pertamina menjadwalkan ulang program perawatan fasilitas pengolahan minyak mentah di Dumai, Riau, menjadi Juni mendatang. Perawatan tertunda sebulan dari rencana awal, yaitu Mei. “Seharusnya memang Mei,”kata Direktur Pengolahan Pertamina, Toharso.

Toharso mengatakan perawatan kilang ditunda karena bersamaan dengan Ramadan yang akan dimulai akhir Mei nanti. Ia memperkirakan perawatan memerlukan waktu hingga 30 hari. Ia meyakinkan penundaan tersebut bukan karena alasan teknis.

Toharso mengatakan timnya telah meninjau bahwa penundaan ini tidak akan berdampak pada kinerja kilang. Sebelumnya, ia menegaskan perawatan kilang harus sesuai dengan jadwal. Sebab, jika molor, kilang berisiko mengalami gangguan. Pertamina mencatat, sepanjang 2016, terdapat 35 gangguan kinerja. Menurut dia, semakin tua usia kilang, perawatan harus dilaksanakan tepat waktu. 

“Kebocoran ini dari awal kurang terdeteksi karena usia kilang sudah tua. Seharusnya ada deteksi dini. Kalau bocor tahunya dari awal.”  Kilang Balikpapan, misalnya, pada awal tahun lalu sempat padam selama lebih dari 24 jam akibat kebocoran uap dari pipa generator Kilang mulai aktif secara perlahan pada unit distilasi minyak mentah (crude distillation unit) IV pada 16 Januari 2017. Besoknya, produksi di unit tersebut mulai stabil di angka 150 ribu barel per hari (bph) dari kapasitas sebesar 186 bph. Kilang Balikpapan termasuk prasarana vital Pertamina yang berkapasitas 260 ribu bph.

Kilang ini merupakan penyumbang produk bahan bakar minyak terbesar kedua setelah kilang Cilacap. Produknya beragam, antara lain BBM (solar, Pertamax, avtur, kerosin), gas dan petrokimia (elpiji, produk aromatik), serta produk antara (nafta, LSWR). Pada 2016, volume produksi kilang mencapai 90,3 juta barel.

Toharso menuturkan, saat ini kilang Balikpapan sedang menjalani perawatan rutin sejak 13 Maret lalu. Masa perawatan diprediksi mencapai 40 hari. Kekurangan produksi kilang akan dipenuhi dari produksi tambahan kilang lain. Pertamina juga menambal produksi dari impor. “Turn around selama 40 hari ke depan. Ini baru saja 10 hari."

Fasilitas yang baru selesai perawatannya adalah kilang Balongan di Jawa Barat. Perusahaan baru menyelesaikan proses perawatan kilang pada akhir Februari lalu. Sempat beredar kabar bahwa kilang mengalami mati total (total black out). Rumor tersebut dibantah Toharso. Menurut dia, kilang setelah masa perawatan memang. belum bisa beroperasi normal. Sebab, tim harus menghidupkan  mesin-mesin yang ada secara bertahap. Tahap tersebut memakan waktu hingga lima hari

“Mungkin mereka butuh penyesuaian dan sinkronisasi dulu sampai kilang berjalan normar. Jadi bukan total black out, melainkan start up setelah turn around,” tutur Toharso. 

Kilang Balongan memiliki peran strategis karena menghasilkan produk bensin yang dipasok untuk DKI Jakarta dan Jawa Barat. Kapasitasnya saat ini adalah 125 ribu barel per hari.

 Koran Tempo, Page-20, Friday, March, 24, 2017

Pertamina EP spends big to boost output

Oil and gas firm Pertamina EP a subsidiary of state-owned energy giant Pertamina, has increased its capital expenditure for this year by nearly 50 percent to support its aggressive plan to develop new oil and gas blocks across the country.

Nanang Abdul Manaf, the company’s exploration and new discovery project director, said the company had allocated US$ 778 million in capital expenditure for 2017, up 46.2 percent compared to last year’s Figure.

At present, the company is working to get approval from the Upstream Oil and Gas Regulatory Special Task Force (SKK Migas) for its plans of development (POD) for five new blocks, namely the Bambu Besar and Akasia Bagus blocks in West Java, the Tapen block in Central Java, the Benggala block in North Sumatra and the Bunyu block in North Kalimantan.

“We expect that the‘POD for those five blocks can be approved by April so we can start develop- ing them the following month,” Nanang said on Wednesday. 

The Bambu Besar, Akasia Bagus and Tapen blocks are projected to reach their peak production in 2018, while two others are slated for 2019. SKKMigas has recently granted Pertamina EP approval for the POD of the Jati Asri block in West Java. There are seven development wells at the block, each will need between $100 million and $150 million to finance, among other things, drilling activities and facility upgrades. Each well is expected to produce 500 barrels of oil per day (bopd).

“Most of our development plans are located in our Asset 3 areas [in West Java] Hence, we expect the production from those areas to increase to around 15,000 to 17,000 bopd from the current range of 9,500 to 10,000 bopd,” Nanang went on.

Moreover, gas production from such new wells is also aimed at meeting the growing demand for gas in West Java, which currently has a gas shortfall of around 71 million cubic feet ayear. In total, ‘Pertamina EP aims to undertake development drilling activities at 48 wells in 2017. lt expects to produce 85,000 bopd and 1,041 million standard cubic feet per day (mmscfd) of gas by year end, up slightly from the production of 83,674 bopd and 989 mmscfd last year.

The upward trend has been triggered by the recent surge in global oil prices. As a result, the Indonesian Crude Price (ICP) is expected to be at an average of $50 per barrel in 2017, up from $39 per barrel last year. Therefore, Pertamina EP is upbeat it can book $596 million in net profits throughout 2017, a slight increase from $590 million recorded last year.

The company is putting high hopes on its gas blocks in the areas of Asset 2 in South Sumatra, which have a production capacity of around 350 mmscfd of gas, and Asset 3 in West Java, which are able to produce around 250 mmscfd of gas, to be the backbone its financial success in 2017.

Moreover, Pertamina EP is currently speeding up the development of the Donggi and Matindok blocks in Central Sulawesi. The Donggi block has been on stream since April 2016 with a capacity of 50 mmscfd of gas, while the Matindok block is expected to be at its peak production of 55 mmscfd of gas in April this year. The development of these two blocks will cost Pertamina EP a total of $696.2 million. The firm also expects to see its Paku Gajah block in South Sumatra on stream starting from April, with an output capacity of 45 mmscfd of gas and 1,100 bopd of condensate.

“lf the oil price gets better from one day to another, we might be able to be more aggressive in our overall activities,” Nanang said. Following the Organization of Petroleum Exporting Countries’ (OPEC) decision to cut output by 1.2 million bopd in 2017, energy think-tank Wood Mackenzie has predicted that the annual crude price average will stand between $53 and $58 per barrel.

It may further increase to $60 to $65 per barrel by May if non-OPEC members meet their commitments to trim output by 558,000 bopd.

 Jakarta Post, Page-15, Friday, March, 24, 2017

New Pertamina boss promises internal unity

Reassuring the House of Representatives that infighting with in state-owned oil and gas giant PT Pertamina will not happen again may not be an easy task. However,  newly minted president director Elia Massa Manik confidently told lawmakers that he could nurture enough unity to lead the country’s key asset to a better future.

In his first meeting with tough-talking legislators from Commission VII overseeing energy on Thursday, Elia did not back down from his vision of creating solidarity within the board of directors, which is seen as essential to help Pertamina achieve its goal as a world class energy company by 2025.

“We are currently conducting internal consolidations and nurturing transparency in order to create a solid team,” said Elia, who is the former president director of state-owned plantation firm PT Perkebunan Nusantara III (PTPN III). “If we cannot become a solid unit, then we cannot teach our subordinates to do the same, and in doing so, we will not be able to accelerate [Pertamina] to where we want it to go. If we cannot become a solid unit, I will have failed.”

Elia was brought in last week following the dismissal of president director Dwi Soetjipto and his deputy Ahmad Bambang last month because of the lack of teamwork and escalating conflict that stems from equal authority given to the latter by State Owned Enterprises (SOE) Minister Rini Soemarno.

The infighting raised concerns that Pertaminas management had become sloppy right when the country's sole state-owned oil and gas company had been handed several crucial tasks.

Earlier this year, President Joko “Jokowi” Widodo ordered Pertamina to ensure that the fuel would be sold at the same price in Papua as in Java as well as selling gas at a loss to help priority industrial sectors boost their competitiveness.

Pertamina is also preparing to take over the management of the gas-rich Mahakam Block from a local unit of French Total SA next year and implementing its grand plan to construct and upgrade several major refineries worth billions of dollars. Moreover, in the long term, the firm will acquire overseas oil and gas assets to enable it to procure 473,000 barrels of oil per day amid dwindling domestic reserves.

Apart from creating a unified front among the board of directors, Elia also expressed his desire to shape Pertamina’s workforce to be more flexible and to move from upstream to downstream divisions and vice versa.

This was essential, he claimed, in order to ensure that those who eventually came up through the ranks had management skills for any division, which is necessary in a world class energy company. Meanwhile, Commission VII has called on Elia to stick to his word as it prepared plans for the company which it hopes will be strengthened by the upcoming revision of the 2001 Oil and Gas Law.

“In the upcoming Oil and Gas Law, there is a great possibility that Pertamina’s position will be even stronger than it is now, and so it must be able to adapt [to its new role] this includes everyone from the senior vice presidents to the managers,” lawmaker Ramson Siagian said.

The Commission is considering the possibility of including the creation of an oil and gas holding entity led by Pertamina in the Oil and Gas Law revision.

the holding company will ln clude the Upstream Gil and Gas Regulatory Special Task Force (SKK Migas) and the Downstream Oil and Gas Regulatory Agency (BPH Migas), which is currently in charge of upstream contract negotiation and map fuel distribution in the country.

 Jakarta Post, Page-13, Friday, March, 24, 2017

Open Access Pipe Boost Pertagas Performance

A subsidiary of PT Pertamina, PT Pertamina Gas (Pertagas) achieved net profit of US $ 159.1 million. 2017, the company is optimistic it will achieve ebih good performance, especially with the completion of three projects open access pipeline segment.

"In 2016 we managed to increase profit by 5.3% from US $ 151 million to $ 159 million," said President Director of PT Pertamina Gas Toto Nugroho in a written statement in Jakarta, Thursday (23/3).

Both in terms of financial performance could not be separated from the stable operating performance that are listed. Over the past year, Pertagas succeeded in increasing the volume of commercial gas from 46 425 BBTU (Billion British Thermal Unit) in 2015 to 51 814 BBTU. Increased speed is also listed with the volume of re-gasified LNG from 25 780 in 2015 to 29 907 BBTU BBTU. In addition Pertagas also succeeded in transporting the gas of 522.1 BSCF (Billion Standard Cubic Feet) and process gas into LPG amounted to 123 259 tons throughout 2016.

This achievement, according Toto is a pride for all human Pertagas where in this new Pertagas even 10 years old. "Especially in the kind of company profits tend to decrease," he said. Toto's hope in 2017, it could improve the performance of the company anymore. "Especially with the completion of three projects segment of pipe open access".

Three major projects that have been completed are the segments Belawan - Regions Industries in Medan (KIM) - Special Economic Zones (SEZ) in North Sumatra along 136.8 km; segment Muara Karang - Muara Tawar (MK-MT) along the 32 km crossing from Jakarta to Bekasi, West Java; and Porong - RoW which stretches along 56 Km of Sidoarjo regency to Pasuruan in East Java.

In terms of investment in 2016 Pertagas has recorded record value of US $ 168.6 million, the value is used for business development and investment projects to improve reliability of existing assets. Forward aggressiveness in 2016 in developing the business, in 2017 it Pertagas continue construction projects such as roads Gresik gas pipeline project - Semarang, the gas pipeline project segment Grissik - PUSRI, gas pipeline Looping Gresik - PKG, and domestic gas network in eight cities.

Toto asserted, as a form of real contribution to the improvement of national economic growth, the main focus is to prepare as soon as possible Pertagas gas infrastructure. "Hopefully gas supply from producers to consumers more easily," concludes Toto.

April fuel prices

Meanwhile, the government is evaluating the price of fuel oil (BBM) the type of gasoline and diesel subsidies. Changes or pricing of both types of fuel are conducted every three months. In January 2017 then, solar subsidies are set unchanged Rp 5,150 per liter. Then premium assignment (outside the Java-Madura-Bali) to Rp 6,450 per liter. Marketing Director of Pertamina M. Iskandar said it had reported to the government regarding the condition of the world oil price movements. But he has not dared to make sure the fuel price adjustment.

"Actually, from January deficit, the benchmark price of US $ 40 per barrel. But the price of oil is US $ 50 per barrel," Iskandar said in Jakarta, Thursday (23/3). Iskandar explains the rise in world oil prices affect the economics of solar. He said the oil price movements that make solar economical price range between USD 8200-8300 per liter.

Similar things affect the economic price of gasoline 88 RON premium Economical Price assignments between USD 6750-6850 per liter. He said, the price refers to the calculation formula set by the government. But Alexander did not mention the proposed changes in prices for diesel fuel and premium subsidies. Although hope there is a price adjustment, he leaves it up to the government. "Pertamina remains appropriate formula, appropriate economic price. That's our proposal as a business entity," he said.

In early January, the government decided there was no change in fuel price subsidies and assignment. This determination is based on the results of coordination across sectors and to consider three aspects, namely the financial capacity of the state or the economic situation, the ability of the community bell, as well as the real economy and society.

Determination per three months pursuant to Presidential Decree No. 191 of 2014 concerning Supply, distribution and retail prices of fuel oil. Then the Minister of Energy and Mineral Resources No. 27 Year 2016 concerning calculation of retail prices of fuel oil.

Minister of Mineral Resources to specify the price of fuel and the fuel type Specific Fuel Type Special Assignment. Changes or both types of fuel pricing was done taking into account the developments in oil prices, the average price index and the market value of the rupiah against the US dollar buying rate of Bank Indonesia.

IN INDONESIAN

Pipa Open Access Dongkrak Kinerja Pertagas

Anak perusahaan PT Pertamina, PT Pertamina Gas (Pertagas) meraih Iaba bersih sebesar US$ 159,1 juta. Tahun 2017, perseroan optimistis akan meraih kinerja ebih baik, terutama dengan telah selesainya 3 proyek ruas pipa open access.

“Tahun 2016 kami berhasil meningkatkan laba sebesar 5,3% dari US$ 151 juta menjadi US$ 159 juta," kata Direktur Utama PT Pertamina Gas Toto Nugroho dalam keterangan tertulis di Jakarta, Kamis (23/ 3).

Kinerja baik dari sisi keuangan tersebut tidak lepas dari stabilnya kinerja operasi yang dicatatkan. Sepanjang tahun lalu, Pertagas berhasil meningkatkan volume niaga gasnya dari 46.425 BBTU (Billion British Thermal Unit) pada 2015 menjadi 51.814 BBTU. Peningkatan lajunya juga dicatatkan melalui volume re-gasifikasi LNG dari 25.780 BBTU di 2015 menjadi 29.907 BBTU. Selain itu Pertagas juga berhasil mentransportasikan gas sebesar 522,1 BSCF (Billion Standard Cubic Feet) dan memproses gas menjadi LPG sebesar 123.259 Ton sepanjang tahun 2016.

Prestasi ini, menurut Toto menjadi kebanggaan tersendiri bagi seluruh insan Pertagas di mana pada tahun ini Pertagas baru genap berusia 10 tahun. “Apalagi di saat laba perusahaan sejenis cenderung mengalami penurunan," ujarnya. Toto berharap di tahun 2017 ini, pihaknya bisa meningkatkan lagi performa perusahaan. “Terlebih dengan telah diselesaikannya 3 proyek ruas pipa open access,”.

Tiga proyek besar yang telah dirampungkan tersebut yakni ruas Belawan - Kawasan lndustri Medan (KIM) - Kawasan Ekonomi Khusus (KEK) di Sumatera Utara sepanjang 136,8 Km; ruas Muara Karang - Muara Tawar (MK-MT) sepanjang 32 Km yang melintas dari DKI Jakarta hingga Bekasi, Jawa Barat; serta ruas Porong - Grati sepanjang 56 Km yang membentang dari Kabupaten Sidoarjo hingga Kabupaten Pasuruan di Jawa Timur.

Dari sisi investasi di tahun 2016 Pertagas telah mencatatkan membukukan nilai sebesar US$ 168,6 juta, nilai tersebut digunakan untuk proyek pengembangan bisnis dan investasi guna meningkatkan kehandalan aset eksisting. Meneruskan agresivitas pada 2016 dalam mengembangkan bisnis, pada 2017 ini Pertagas melanjutkan pembangunan proyek antara lain proyek pipa gas ruas Gresik - Semarang, proyek pipa gas ruas Grissik - PUSRI, pipa gas Looping Gresik - PKG, dan jaringan gas rumah tangga di 8 kota.

Toto menegaskan, sebagai bentuk kontribusi nyata bagi peningkatan pertumbuhan ekonomi nasional, fokus utama Pertagas adalah mempersiapkan secepat mungkin infrastruktur gas. “Harapannya penyaluran gas dari produsen ke konsumen lebih mudah,” tutup Toto. 

Harga BBM April

Sementara itu, pemerintah sedang mengevaluasi harga bahan bakar minyak (BBM) jenis premium dan solar subsidi. Perubahan atau penetapan harga kedua jenis BBM tersebut dilakukan setiap tiga bulan sekali. Pada januari 2017 lalu, solar subsidi ditetapkan tidak berubah Rp 5.150 per liter. Kemudian premium penugasan (luar Jawa-Madura-Bali) Rp 6.450 per liter. Direktur Pemasaran Pertamina M. Iskandar mengatakan pihaknya sudah melaporkan kepada pemerintah terkait kondisi pergerakan harga minyak dunia. Namun dia belum berani memastikan adanya penyesuaian harga BBM tersebut.

"Sebenarnya dari Januari defisit, harga patokan US$ 40 per barel. Tapi harga minyaknya US$ 50 per barel," kata Iskandar di Jakarta, Kamis (23/ 3). Iskandar menjelaskan naiknya harga minyak dunia berpengaruh pada nilai keekonomian solar. Dia mengatakan, pergerakan harga minyak itu membuat harga keekonomian solar berkisar antara Rp 8.200 - 8.300 per liter.

Hal serupa pun berpengaruh pada harga keekonomian bensin RON 88. Harga keekonomian premium penugasan antara Rp 6.750 - 6.850 per liter. Dia mengatakan, harga tersebut mengacu pada formula perhitungan yang ditetapkan pemerintah. Namun Iskandar tidak menyebutkan usulan perubahan harga untuk solar subsidi dan premium. Meski berharap ada penyesuaian harga, dia menyerahkan keputusan itu kepada pemerintah. "Pertamina tetap sesuai formula, sesuai harga keekonomian. Itu usulan kami sebagai badan usaha," ujarnya. 

Pada awal januari, pemerintah memutuskan tidak ada perubahan harga BBM subsidi dan penugasan. Penetapan ini berdasarkan hasil koordinasi lintas sektor serta mempertimbangkan tiga aspek, yakni kemampuan keuangan negara atau situasi perekonomian, kemampuan daya bell masyarakat, serta ekonomi riil dan sosial masyarakat.

Penetapan per tiga bulan itu berdasarkan Peraturan Presiden No. 191 Tahun 2014 tentang Penyediaan, Pendistribusian dan Harga Jual Eceran Bahan Bakar Minyak. Kemudian Peraturan Menteri Energi dan Sumber Daya Mineral No. 27 Tahun 2016 tentang Perhitungan Harga Jual Eceran Bahan Bakar Minyak.

Menteri ESDM menetapkan harga jual BBM jenis BBM Tertentu dan Jenis BBM Khusus Penugasan. Perubahan atau penetapan harga kedua jenis BBM itu dilakukan memperhitungkan perkembangan harga minyak, rata-rata harga indeks pasar dan nilai tukar rupiah terhadap dolar Amerika dengan kurs beli Bank Indonesia.

 Investor Daily, Page-9, Friday, March, 24, 2017

Inpex Mandatory Makes Two Scenarios in Masela Block

The Ministry of Energy and Mineral Resources will also coordinate with the Ministry of Industry for Masela gas buyers

Ministry of Energy and Mineral Resources (ESDM) ordered lnpex Masela Limited in order to make the two scenarios related to the production capacity and also the location of onshore refineries. The warrant has already been submitted last week. Deputy Minister of Energy and Mineral Resources, Arcandra Tahar said in the letter, the government decided that the preliminary front end engineering design (pre-FEED) remain to be done for the two capacities.

With so Inpex must perform pre-FEED for a capacity of 9.5 million tonnes per year or a million tons per annum (MTPA) plus 150 million standard cubic feet per day (MMSCFD) and 7.5 MTPA plus 474 MMSCFD.

Inpex also has to do Pre FEED for two locations. Lnpex government has decided to conduct the Pre-FEED on the island of Aru and yamdena. Whereas in the previous letter Inpex asked for, so the government decided in advance of the location and the capacity before the Pre-FEED. "What basisnya requested a preliminary study? Evaluation of both. I've looked at the data to be a draw, if the island, two islands," said Arcandra, Wednesday (23/3).

By doing PreFEED at two locations and two capacities, Arcandra mention, the cost will not be too big. Costs incurred Pre-FEED will be included in the cost recovery. "The cost of its small, not too big. Even better, more cost offer, benefit more," said Arcandra without mentioning the PreFEED costs.

With this decision, Arcandra requested that Inpex could soon start Pre FEED. The government is targeting the six months to do PreFEED for two capacities and two locations. In Pre FEED, Inpex will be looking for a buyer of gas that will be produced by the Masela block.

One of them, through the Ministry of Industry (Kemeneperin). The Ministry of Industry has stated previously, the buyer for the block "Masela of fertilizer and petrochemical sectors. The government will also seek the help Inpex gas buyers if PreFEED already begun. "Start Pre FEED we engage the Ministry of Industry to build a start talking to who would buy gas," said Arcandra.

Inpex itself is not a lot of comments related to the government's decision. Senior Manager of Communication and Relations Inpex Usman Slamet just mentioned, Inpex just received a letter from the government's decision. "Indeed we received a letter from the Ministry yesterday morning," said Usman.

Inpex Masela as the operator in fact have filed five clauses for project Masela block, ie the refinery capacity additions liquified natural gas (LNG) of 7.5 million tonnes per annum (MTPA) to 9.5 MTPA. Later additions to the contract for 10 years, the internal rate of return (IRR) of 15%, the cost recovery during the exploration period and a government license. Yet it has not been approved.

IN INDONESIAN

Inpex Wajib Membuat Dua Skenario di Blok Masela

Kementerian ESDM juga akan berkoordinasi dengan Kementerian Perindustrian untuk pembeli gas Masela

Kementerian Energi dan Sumber Daya Mineral (ESDM) memerintahkan kepada lnpex Masela Limited agar membuat dua skenario terkait kapasitas produksi dan juga lokasi kilang darat. Surat perintah tersebut sudah dikirimkan pada pekan lalu. Wakil Menteri ESDM, Arcandra Tahar bilang, dalam surat tersebut, pemerintah memutuskan agar preliminary front end engineering design (Pre-FEED) tetap dilakukan untuk dua kapasitas.

Dengan begitu Inpex harus melakukan Pre-FEED untuk kapasitas 9,5 juta ton per tahun atau million tons per annum (MTPA) plus 150 million standard cubic feet per day (mmscfd) dan 7,5 MTPA plus 474 mmscfd.

Inpex juga harus melakukan Pre FEED untuk dua lokasi. Pemerintah memutuskan agar lnpex melakukan Pre-FEED di Pulau Aru dan Pulau Yamdena. Padahal dalam surat sebelumnya Inpex meminta, agar pemerintah memutuskan terlebih dahulu satu lokasi dan satu kapasitas sebelum melakukan Pre-FEED. "Apa basisnya minta studi awal? Evaluasi dua-duanya. Saya sudah melihat datanya harus imbang, kalau pulau, kedua pulau," kata Arcandra, Rabu (23/3).

Dengan melakukan PreFEED di dua lokasi dan dua kapasitas, Arcandra menyebutkan, biaya yang dikeluarkan juga tidak akan terlalu besar. Biaya yang dikeluarkan Pre-FEED ini akan masuk dalam cost recovery. " Biaya-nya Kecil, tidak terlalu besar. Lebih bagus, lebih cost offer, benefit lebih banyak," ujar Arcandra tanpa menyebutkan biaya PreFEED tersebut.

Dengan keputusan ini, Arcandra meminta agar Inpex bisa segera memulai Pre FEED. Pemerintah menargetkan enam bulan untuk melakukan PreFEED untuk dua kapasitas dan dua lokasi. Dalam Pre FEED, nantinya Inpex akan mencari pembeli gas yang akan diproduksi oleh Blok Masela. 

Salah satunya melalui Kementerian Perindustrian (Kemeneperin). Sebelumnya Kementerian Perindustrian telah menyatakan, adanya pembeli untuk blok”Masela dari Sektor pupuk dan Petrokimia. Pemerintah juga akan membantu Inpex mencari para pembeli gas jika PreFEED sudah dimulai. "Start Pre FEED kami engage Kementerian Perindustrian untuk membangun mulai bicara siapa yang akan membeli gasnya," kata Arcandra.

Inpex sendiri tidak banyak berkomentar terkait keputusan pemerintah tersebut. Senior Manager Communication and Relation Inpex Usman Slamet hanya menyebutkan, Inpex hanya menerima surat keputusan dari pemerintah. "Memang kami menerima Surat dari Kementerian kemarin pagi,"kata Usman.

Inpex selaku operator di Blok Masela sebenarnya telah mengajukan lima klausul untuk pengerjaan proyek blok Masela, yaitu penambahan kapasitas kilang liquified natural gas (LNG) dari 7,5 million ton per annum (MTPA) menjadi 9,5 MTPA. Kemudian penambahan kontrak selama 10 tahun, internal rate of return (IRR) 15%, cost recovery selama masa eksplorasi dan perizinan dari pemerintah. Namun itu semua belum disetujui.

Kontan, Page-14, Friday, March, 24, 2017

Steer clear of Political Price

Crude Oil

The practitioners and analysts are confident that the crude oil is also a political commodity. In global emerging markets such accord that to distinguish between political and economic price, there are limits on the level of 30 US dollars per barrel.

If the price is below 30 dollars per barrel, almost certainly it is a political price taking into account the average cost of oil production on land and offshore. Then, when suddenly the price of crude oil fell from the range of 120 dollars per barrel in 2014 to below 30 dollars, all convinced that it is the impact of the political imbroglio.

This argument is certainly justified, because at that time, one of the world's oil producers, the United States, the more serious boost production of shale oil. For the production of US shale gas, conventional crude oil producers to boost production so that the stock is abundant and the price drops dramatically. Today, crude oil prices continue to rise and away from the political price.

On Thursday (23/3), the price of WTI crude for delivery in May 2017 recorded 48.32 dollars a barrel, while Brent for delivery in May 2017 recorded 50.94 dollars per barrel.

    In the discussion and exposure to the analyst of PT Samuel Asset Management in Jakarta last week revealed, crude oil production is still rising. Likewise, the demand also increased, although growth slowed.

The question then is whether the price of crude oil will remain and whether the data is entered When paired with the global economic growth, crude oil demand growth turned out to be linear. That is, the growth of its crude needs to follow the trend of economic growth. The perpetrators of the oil sector and analysts believe that in the future, demand will continue to grow. With the increasing price trend away from political price, crude oil prices more economical.

Year price trend is expected to be in the range of 50-60 dollars per barrel, while the next year is in the range of 70 dollars per barrel. In the short term, it was difficult to see oil prices back to around 100 dollars per barrel. The increase in crude oil prices also began to hoist the prices of some commodities, ranging from coal, crude palm oil, until the rubber.

This is certainly good news for Indonesia which still rely on commodities exports it to shore. Improvements in commodity prices will also stimulate the real sector in the producing regions that have been slow due to falling commodity prices. Since the price of oil fell and followed the collapse of commodity prices, commodity-producing economy of many regions do not grow, even some of the minuses.

However, by examining global conditions, the direction of crude oil prices as a locomotive for other commodity prices remains to be seen. Although there are expectations of rising commodity prices, Indonesia still needs to be consistent to encourage downstream industries and manufacturing that is not dependent on the commodity sector.

IN INDONESIAN

Menjauhi Harga Politis

Para praktisi dan analis sangat yakin bahwa minyak mentah juga merupakan komoditas politik. Di pasar global muncul semacam kesepakatan bahwa untuk membedakan mana harga politis dan ekonomi, batasnya ada di level 30 dollar Amerika Serikat per barrel. 

Jika harganya di bawah 30 dollar AS per barrel, hampir pasti itu adalah harga politis dengan mempertimbangkan rata-rata biaya produksi minyak di darat dan di lepas pantai. Maka, ketika tiba-tiba harga minyak mentah jatuh dari kisaran 120 dollar AS per barrel pada 2014 hingga di bawah 30 dollar AS, semua yakin bahwa itu adalah dampak keruwetan politis. 

Argumen ini tentu beralasan, karena ketika itu, salah satu produsen minyak dunia, Amerika Serikat, makin serius menggenjot produksi shale oil. Untuk menekan produksi shale gas AS, produsen minyak mentah konvensional menggenjot produksi sehingga stok melimpah dan harganya turun drastis. Kini, harga minyak mentah terus naik dan menjauhi harga politis. 

Pada Kamis (23/3), harga minyak jenis WTI untuk kontrak pengiriman Mei 2017 tercatat 48,32 dollar AS per barrel, sementara Brent untuk kontrak pengiriman Mei 2017 tercatat 50,94 dollar AS per barrel.

Dalam diskusi dan paparan para analis PT Samuel Aset Manajemen di Jakarta pekan lalu terungkap, produksi minyak mentah masih terus meningkat. Demikian juga dengan permintaan yang juga meningkat walaupun pertumbuhannya melambat. 

Pertanyaannya kemudian, apakah harga minyak mentah itu akan tetap bertahan dan apakah masuk Jika disandingkan dengan data pertumbuhan ekonomi global, pertumbuhan kebutuhan minyak mentah ternyata linear. Artinya, pertumbuhan kebutuhan minyak mentah mengikuti tren pertumbuhan ekonomi. Para pelaku sektor minyak dan para analis yakin bahwa ke depan, permintaan akan tetap tumbuh. Dengan tren harga yang makin menjauhi harga politis, harga minyak mentah dunia makin ekonomis. 

Tahun tren harga diperkirakan akan berada di kisaran 50-60 dollar AS per barrel, sementara tahun depan ada di kisaran 70 dollar AS per barrel. Dalam jangka pendek ini, agak sulit melihat harga minyak kembali ke sekitar 100 dollar AS per barrel. Kenaikan harga minyak mentah juga mulai mengerek harga sejumlah komoditas, mulai dari batubara, minyak kelapa sawit mentah, hingga karet. 

Tentu ini kabar baik untuk Indonesia yang masih saja bertumpu pada komoditas-komoditas itu untuk menopang ekspor. Perbaikan harga komoditas juga akan mendorong sektor riil di daerah-daerah penghasil yang selama ini lesu akibat jatuhnya harga komoditas. Sejak harga minyak jatuh dan diikuti rontoknya harga komoditas, perekonomian banyak daerah penghasil komoditas tidak tumbuh, bahkan beberapa di antaranya minus.

Namun, dengan mencermati kondisi global, arah harga minyak mentah dunia sebagai lokomotif harga komoditas lain tetap perlu dicermati. Walaupun ada harapan harga komoditas beranjak naik, Indonesia tetap perlu konsisten untuk mendorong industri hilir dan manufaktur supaya tidak tergantung pada sektor komoditas.

Kompas, Page-17, Friday, March, 24, 2017

PetroChina Supplying Power Plant

PetroChina International Jabung Ltd. Ready delivers gas 5 million cubic feet per day of Golf South / West Betara to meet the needs of a gas power plant in Tanjung Jabung Barat, Jambi. 

PetroChina Jabung Ltd.

    Field Manager of PetroChina Jabung Ltd. John Halim said that the gas pipeline will be supplied if the power plant is ready. "Essentially, our supply is ready, just open the tap," he said.

John explained that the gas as much as 5 million cubic feet per day (MMSCFD) prepared it is subject to government approval is predicted to run power plants with a capacity of 25 megawatts (MW). 

SKK Migas

    According to him, the gas supply has been reserved by SKK Migas-PetroChina since 2012. However, during this time the untapped natural gas. "Our reserves of gas are expected to replace the supply from the Field Ripah broken recently for power plants operated by PT Tanjung Jabung Power," he said.

John said the current supply of the gas from Ripah volume continued to decline and is now no longer possible to be able to meet the plant's needs. PetroChina did not resume gas supply to Tanjung Jabung Power since Sunday (19/3) as the condition of flare gas from the field Ripah down naturally. Moreover, the rate of decline in gas production from the field Ripah also difficult to predict.

Cessation of gas supplies from the Field Ripah was not made suddenly but previously has been communicated formally to the manager of Gas Power Plant Tanjung Jabung Power, with intended also to the Regent Tanjung Jabung Barat.

Until now there were several gas purchase agreements signed by PetroChina with a number of companies to meet needs in the country. PetroChina gas allocating each 5 MMSCFD in Tanjung Jabung Barat and Tanjung Jabung Timur 10 MMSCFD to be managed at the provincial and district government through PT Jambi Jambi International Indoguna.

"All of the gas allocation as well as a form of awareness and contribution of SKK Migas-PetroChina to meet the gas demand in the regions concerned.

Bisnis Indonesia, Page-30, Friday, March 24, 2017