Jonan Requests Certainty

CONOCOPHILLIPS INVESTATION

ESDM Minister Ignatius Jonan met with top executives ConocoPhillips to negotiate on the continuation of their investment in Indonesia. In a meeting held at headquarters-ConocoPhillips, Houston, USA, Jonan was accepted by the Chairman & Chief Executive Director Ryan M. Lance, President of Asia Pacific & Middle East Bill Bullock, President & General Manager of Indonesia Bij Agarwa.

Jonan said a number of oil blocks managed by oil and gas giants and Uncle Sam will end in 2020 and 2023. The government needs to know the ConocoPhillips plan after the contract expires Jonan realizes with low oil prices, the contractor does tend to hold back for expansion. However, he wants to ensure that the government is open to all forms of cooperation and negotiation.

"If you have a problem, come to me and we sit down. If there is no problem and everything is fine, it does not come nor does it matter. Means business smoothly, "said Jonan greeted Ryan laugh.

Based on data from the Ministry of Energy and Mineral Resources (ESDM), ConocoPhillips manages three oil and gas fields in Indonesia, namely Corridor Block, South Sumatra, with 54% share, Repsol (36%) and Pertamina (10%). The second oil and gas field is South Jambi Block with 45% share, with PetroChina (30%) and Pertamina (25%).

The third is Kualakur Lui, Central Kalimantan, which is fully managed by ConocoPhillips. The South Jambi Block contract expires on January 18, 2020. Thus, before January 18, 2018, ConocoPhillips and its partners must submit a proposal to extend the contract.

Ryan at the meeting seemed careful in conveying ConocoPhillips' plans. Especially for the South Jambi Block, he revealed that there is a gas sale and purchase agreement with PT Perusahaan Gas Negara (Persero) Tbk., But has not received approval from the Ministry of Energy and Mineral Resources. In 2013, ConocoPhillips agreed with PGN to sell gas at US $ 6.5 per MMBtu.

In response, Jonan is committed to resolving it but must be in accordance with what is applicable now. ConocoPhillips Indonesia (COPI) plans to return South Jambi Block B due to low production volumes, high levels of carbon dioxide, and contact with protected forests.

Deputy for Operations of Oil and Gas Upstream Oil and Gas Regulatory Agency (SKK Migas) Fataryani said Block B of South Jambi had operated from 2004 to 2010 with the production of 25 million cubic feet per day. Production comes from the Bay of Low and Geger Kalong.

Unfortunately, production continued to fall until finally, ConocoPhillips halted production activities since 2015. The working area signed in 1990 was in preparation for the return to the government.

"In the process of relinquishment by COPI," he said.

IN INDONESIA

Jonan Minta Kepastian

Menteri ESDM Ignasius Jonan menemui top eksekutif ConocoPhillips untuk bernegosiasi mengenai kelanjutan investasi mereka di Indonesia. Dalam pertemuan yang digelar di kantor pusat ConocoPhillips, Houston, Amerika Serikat, Jonan diterima oleh Chairman & Chief Executive Director Ryan M. Lance, President Asia Pasific & Middle EastBill Bullock, President & General Manager Indonesia Bij Agarwa.

Jonan mengatakan sejumlah blok minyak yang dikelola oleh raksasa minyak dan Paman Sam itu akan berakhir pada 2020 dan 2023. Pemerintah perlu mengetahui rencana ConocoPhillips setelah kontrak berakhir Jonan menyadari dengan harga minyak yang rendah, kontraktor memang cenderung menahan diri untuk ekspansi. Namun, dia ingin memastikan bahwa pemerintah membuka diri terhadap segala bentuk kerja sama dan negosiasi.

“Jika Anda ada masalah, datanglah ke saya lalu kita duduk berunding. Kalau tidak ada masalah dan semuanya lancar, tidak datang juga tidak apa-apa. Berarti bisnis lancar,” tutur Jonan disambut tawa Ryan.

Berdasarkan data Kementerian Energi dan Sumber Daya Mineral (ESDM), ConocoPhillips mengelola tiga lapangan migas di Indonesia yakni Blok Corridor, Sumatra Selatan, dengan bagian 54%, bersama Repsol (36%), dan Pertamina (10%). Lapangan migas kedua adalah Blok South Jambi dengan bagian 45%, bersama PetroChina (30%) dan Pertamina (25%).

Yang ketiga adalah Kualakur Lui, Kalimantan Tengah, yang sepenuhnya dikelola ConocoPhillips. Kontrak Blok South Jambi habis pada 18 Januari 2020. Dengan demikian, sebelum 18 Januari 2018, ConocoPhillips bersama mitra harus mengajukan proposal apabila hendak memperpanjang kontrak.

Ryan pada pertemuan tersebut tampak berhati-hati dalam menyampaikan rencana ConocoPhillips. Khusus untuk Blok South Jambi, dia mengungkapkan bahwa ada kesepakatan jual beli gas dengan PT Perusahaan Gas Negara (Persero) Tbk., tetapi belum mendapatkan persetujuan dari Kementerian ESDM. Pada 2013, ConocoPhillips bersepakat dengan PGN untuk menjual gas US$6,5 per MMBtu.

Menanggapi hal itu, Jonan berkomitmen untuk menyelesaikannya tetapi harus sesuai yang berlaku sekarang. ConocoPhillips Indonesia (COPI) berencana mengembalikan Blok B South Jambi karena volume produksi yang rendah, tinggi kadar karbondioksida, dan bersinggungan dengan hutan lindung. 

Deputi Operasi Satuan Kerja Khusus Pelaksana Kegiatan Usaha Hulu Minyak dan Gas Bumi (SKK Migas) Fataryani mengatakan Blok B South Jambi pernah dioperasikan pada 2004 hingga 2010 dengan produksi 25 juta kaki kubik per hari. Produksi berasal dari Lapangan Teluk Rendah dan Geger Kalong.

Sayangnya, produksi terus turun hingga akhirnya ConocoPhillips menghentikan kegiatan produksi sejak 2015. Wilayah kerja yang ditandatangani pada 1990 itu sedang dalam persiapan untuk dikembalikan kepada pemerintah.

“Dalam proses relinquishment oleh COPI,” ujarnya.

Bisnis Indonesia, Page-1, Wednesday, July 26, 2017

Revision of Ministerial Regulation Gross Split Entry ESDM Plan

The indicator of the success of the gross split scheme is seen from the auction of 15 oil and gas blocks this year

The Ministry of Energy and Mineral Resources (ESDM) moved quickly to evaluate some of the rules of 43 ministerial regulations as long as Ignatius Jonan became the number one man in the ministry. Well, of the many rules of the minister, the Regulation of Minister of Energy and Mineral Resources No. 08 of 2017 on Gross Split Production Sharing Contract is most controversial.

Even due to the rules of oil and gas entrepreneurs are reluctant to follow the auction 15 blocks of oil and gas this year. Understandably, all of them use a gross split scheme. The reluctance of the entrepreneur is evident. The ESDM Ministry extended the auction schedule of conventional oil and gas blocks from previously access documents only until July 17, 2017, withdrew to September 7, 2017. Delivery of documents of participation is extended until September 14, 2017.

Currently, only 12 companies are submitting proposals for auction. The amount is still less than about 68 oil and gas companies are now operating.

Executive Director of Indonesian Petroleum Association (IPA) Marjolijn Wajong has not commented much about the rules that should be revised by the Ministry of Energy and Mineral Resources, especially in the oil and gas sector. Marjolijn only mentioned the current IPA is still evaluating.

Regarding the Ministerial Regulation of the gross split, Marjolijn said the IPA is currently still seeing the results of the ongoing 2017 Oil and Gas Working Area auctions. The first time, the government offered an auction of oil and gas working area using a gross split scheme.

"A new regional auction is underway, should be done well," Marjolijn added

Komaidi Notonegoro, Executive Director of ReforMiner Institute, said that the minister's regulation on the gross split scheme has been widely complained by investors.

"I think this needs to be one of the main concerns," Komaidi said

According to him, binding implementation in gross split rules, especially for the amount of profit sharing, is most complained about. Call it, 57% oil sharing for the state 43% contractor and natural gas 52% 48% state contractor. In addition, the position of gross split rules is not legally solid.

"This is the first Government Regulation No. 27/2017 concerning the upstream oil and gas incentives using gross splits issued on the basis of Minister of Energy and Mineral Resources Regulation No. 8/2017 on the scheme of gross split (rule below)," Komaidi explained.

Deputy Minister of Energy and Mineral Resources Arcandra Tahar said it was evaluating a number of ESDM Ministerial Regulations that have been published.

"We are still in talks while we are evaluating," he said.

Archandra asserted the evaluation is not specific about the revision of ministerial regulations gross split.

"Nothing specific," he said. Arcandra said, gross split scheme actually makes investors profit. Currently, the Ministry of Energy and Mineral Resources is still awaiting Regulation of the Minister of Finance concerning gross split tax.

"We have coordinated with the Ministry of Finance, we have to encourage investment," he said.

In addition to the gross split regulation, which is still the pros and cons is the Regulation of Minister of Energy and Mineral Resources No. 5/2017 and Regulation of Minister of Energy and Mineral Resources No. 6/2017 which contents about the relaxation of raw mineral exports. In addition, there is also Ministerial Regulation No 12/2017 about the price of green energy electricity.

Director of Electrical Engineering and Environment Munir Ahmad said if the implementation of the regulation requires adjustments, then the rules may be considered revisions.

IN INDONESIA

Revisi Peraturan Menteri Gross Split Masuk Rencana ESDM

lndikator suksesnya skema gross split terlihat dari Ielang 15 blok migas tahun ini

Kementerian Energi dan Sumber Daya Mineral (ESDM) bergerak cepat melakukan evaluasi beberapa aturan dari 43 peraturan menteri terbit selama Ignasius Jonan menjadi orang nomor satu di kementerian tersebut. Nah, dari sekian banyak aturan menteri itu, Peraturan Menteri ESDM Nomor 08 Tahun 2017 tentang Kontrak Bagi Hasil Gross Split paling kontroversial.

Bahkan akibat aturan itu pengusaha migas enggan mengikuti lelang 15 blok migas pada tahun ini. Maklum, semuanya memakai skema gross split. Keengganan pengusaha itu terbukti. Kementerian ESDM memperpanjang jadwal lelang Blok migas konvensional dari sebelumnya akses dokumen hanya sampai 17 Juli 2017, mundur menjadi 7 September 2017. Pengiriman dokumen partisipasi diperpanjang sampai 14 September 2017.

Saat ini hanya 12 perusahaan yang memasukkan proposal untuk mengikuti lelang. Jumlah itu masih kurang dari sekitar 68 perusahaan migas yang sekarang beroperasi.

Direktur Eksekutif Indonesian Petroleum Association (IPA) Marjolijn Wajong belum mau banyak berkomentar terkait aturan-aturan yang seharusnya direvisi oleh Kementerian ESDM, khususnya di sektor migas. Marjolijn hanya menyebutkan IPA saat ini masih melakukan evaluasi.

Terkait dengan Peraturan Menteri gross split, Marjolijn bilang IPA saat ini masih melihat hasil dari lelang Wilayah Kerja migas 2017 yang sedang berlangsung. Pertama kalinya, pemerintah menawarkan lelang Wilayah kerja migas menggunakan skema gross split. 

"Lelang daerah baru sedang berlangsung, sebaiknya diselesaikan dengan baik," tambah Marjolijn 

Komaidi Notonegoro, Direktur Eksekutif ReforMiner Institute, menyatakan, peraturan menteri soal skema gross split selama ini memang banyak dikeluhkan investor.

"Saya kira ini perlu menjadi salah satu perhatian utama," ujar Komaidi

Menurutnya, penerapan yang mengikat dalam aturan gross split, terutama untuk besaran bagi hasil, paling banyak dikeluhkan. Sebut saja, bagi hasil minyak yang 57% untuk negara 43% kontraktor dan gas bumi 52% negara 48% kontraktor. Selain itu kedudukan aturan gross split secara hukum juga tidak solid. 

"Baru kali ini Peraturan Pemerintah No 27/2017 soal insentif hulu migas yang memakai gross split terbit atas dasar Peraturan Menteri ESDM N0 8/2017 soal skema gross split (aturan di bawahnya),”jelas Komaidi.

Wakil Menteri ESDM Arcandra Tahar menyebutkan, pihaknya sedang mengevaluasi sejumlah Peraturan Menteri ESDM yang telah terbit. 

"Masih sedang dalam pembicaraan. Sedang kami evaluasi," ujarnya.

Archandra menegaskan, evaluasi tidak spesifik membahas tentang revisi peraturan menteri gross split. 

"Tidak ada spesifik," ujarnya. Arcandra bilang, skema gross split justru membuat investor untung. Saat ini Kementerian ESDM masih menunggu Peraturan Menteri Keuangan soal pajak gross split. 

"Kami sudah koordinasi dengan Kementerian Keuangan, investasi harus kita dorong," ujarnya.

Selain aturan gross split, yang masih menjadi pro dan kontra adalah Peraturan Menteri ESDM No 5/2017 dan Peraturan Menteri ESDM No 6/2017 yang isinya soal relaksasi ekspor mineral mentah. Selain itu ada juga Peraturan Menteri  ESDM No 12/2017 soal harga listrik energi hijau.

Direktur Teknik dan Lingkungan Ketenagalistrikan Munir Ahmad bilang jika dalam implementasinya peraturan memerlukan penyesuaian, maka aturan tersebut dapat dipertimbangkan revisi.  

Kontan, Page-14, Wednesday, July 26, 2017

Technology Overcome Decrease Production

PT Pertamina continues to seek the appropriate upstream technology utilization formulation to be implemented as an effort to boost the company's oil and gas production.

Pertamina President Director Elia Massa Manik said the company also consolidates simultaneously this year to evaluate upstream oil and gas activities. After being evaluated, the company will fix oil and gas production activities by applying more efficient upstream technology.

According to him, some of the steps required by the company at the time of oil and gas production in the country that continues to fall 3% per year.

"This is also a challenge, the application of technology is done step by step. Professionalism of Human Resources (HR) is also key so that Pertamina's upstream operations will be more reliable in the future, "he said when opening the Upcoming Technology Sharing Forum (FSTH) in Makassar on Tuesday (25/7).

Oil and gas discussion activities as an effort Pertamina optimize new findings in upstream technology to be applied practically to oil and gas blocks owned by the company. Based on Pertamina's long-term plan until 2030, the company's oil and gas production is targeted at 2.045 million barrels of oil equivalent (MMboe) while creating synergies to become a national-scale energy company.

In early 2017, Pertamina Hulu Energi exploration activities found new reserves and Parang-1 / PHE Nunukan wells of 126 MMBOE and Haur Gheulis and Sumur Haur Gede-1 with an estimated reserve of 14 MMBOE.

Meanwhile, Pertamina's oil and gas production in the first half of this year rose 8.1% to 692,000 barrels of oil equivalent per day (Boepd) compared to the same period last year of 640,000 boepd.

The realization of oil and gas production is sourced from subsidiaries, including PT Pertamina EP with 248,000 boepd, PT Pertamina Hulu Energi (PHE) 199,000 boepd and Pertamina EP Cepu 93,000 boepd.

The company will also drill seven wells this year by PHE, namely KKX-1, N-7, Kumis-2, Kotalama-3, Karunia-1, SE Sembakung-1 and NEB Ext-1 with total acquisition of 59 MMboe . Pertamina EP is also still going to drill six exploration wells and estimated four wells with an estimated 80 MMboe.

Some exploration activities have been followed up into field development such as in Badik and West Badik (PHE Nunukan), PHE Randu-scissors.

Upstream Director of Pertamina Syamsu Alam cited the application of Improve Oil Recovery (IOR) and Enhanced Oil Recovery (EOR) technology to increase the production capacity of 10% -15% so that the implementation of upstream technology as one of the strategic steps in creating efficiency.

IN INDONESIA

Teknologi Atasi Penurunan Produksi

PT Pertamina terus mencari formulasi pemanfaatan teknologi hulu yang tepat untuk diimplementasikan sebagai upaya perseroan memacu produksi minyak dan gas bumi perseroan.

Direktur Utama Pertamina Elia Massa Manik mengemukakan, perseroan juga melakukan konsolidasi secara simultan pada tahun ini untuk mengevaluasi kegiatan hulu migas. Setelah dievaluasi, perseroan akan membenahi kegiatan produksi migas dengan menerapkan teknologi hulu yang lebih efisien.

Menurutnya, beberapa langkah itu dibutuhkan perseroan di saat produksi minyak dan gas bumi di Tanah Air yang terus turun rerata 3% per tahun. 

“Hal ini juga menjadi tantangan, penerapan teknologi dilakukan tahap demi tahap. Profesionalisme Sumber Daya Manusia (SDM) juga jadi kunci sehingga ,operasi hulu Pertamina semakin handal ke depannya,” katanya ketika membuka acara Forum Sharing Teknologi Hulu (FSTH) di Makassar, Selasa (25/7).

Kegiatan diskusi teknologi migas itu sebagai upaya Pertamina mengoptimalkan temuan baru di bidang teknologi hulu agar diterapkan secara praktis pada blok-blok migas milik perseroan. Berdasarkan rencana jangka panjang Pertamina hingga 2030, produksi migas perseroan ditargetkan 2.045 juta barel setara minyak (MMboe) sekaligus menciptakan sinergi menjadi perusahaan energi nasional berskala global.

Pada awal 2017, kegiatan eksplorasi Pertamina Hulu Energi menemukan cadangan baru dan Sumur Parang-1/PHE Nunukan sebesar 126 MMBOE serta Haur Gheulis dan Sumur Haur Gede-1 dengan estimasi cadangan 14 MMBOE.

Sementara itu, produksi migas Pertamina pada paruh pertama tahun ini naik 8,1 % menjadi 692.000 barel setara minyak per hari (Boepd) dibandingkan dengan periode yang sama tahun lalu 640.000 boepd.

Realisasi produksi migas tersebut bersumber dari lapangan-lapangan milik anak usaha, antara lain PT Pertamina EP dengan 248.000 boepd, PT Pertamina Hulu Energi (PHE) 199.000 boepd serta Pertamina EP Cepu 93.000 boepd.

Perseroan juga akan mengebor tujuh sumur pada tahun ini yang dilakukan oleh PHE, yakni KKX-1, N-7, Kumis-2, Kotalama-3, Karunia-1, SE Sembakung-1, dan NEB Ext-1 dengan total perolehan 59 MMboe. Pertamina EP juga masih akan melakukan pengeboran enam sumur eksplorasi dan diperkirakan empat sumur selesai dengan estimasi 80 MMboe.

Beberapa kegiatan eksplorasi telah ditindaklanjuti menjadi pengembangan lapangan seperti di Badik dan West Badik (PHE Nunukan), PHE Randu-gunting.

Direktur Hulu Pertamina Syamsu Alam mencontohkan penerapan teknologi Improve Oil Recovery (IOR) dan Enhanced Oil Recovery (EOR) mampu meningkatkan kapasitas produksi 10%-15% sehingga implementasi teknologi hulu sebagai salah satu langkah strategis dalam menciptakan efisiensi.

Bisnis Indonesia, Page-30, Wednesday, July 26, 2017

Jokowi Asks ESDM for Evaluation of Ministerial Regulation

President Joko Widodo (Jokowi) warned the ministers of the Cabinet of Work to issue a Ministerial Regulation referring to concrete measures that make it easy for businesses to invest and expand business.

In addition to reprimanding Minister of Environment and Forestry Siti Nurbaya, President Jokowi also reprimanded the Vice Minister of Energy and Mineral Resources (ESDM) Arcandra Tahar. Both ministries are still considered to implement policies that are not business and investment.

"You see, every Ministerial Regulation and our policy will be evaluated, whose purpose is to facilitate investment. That's a message from the President. And that we really pay attention, "said Arcandra at the State Palace, Jakarta, Monday (24/7).

He said the evaluation will also be conducted on 43 Ministerial Regulations issued this year to be more probable and can help business actors to have a broader perspective. It is ready to improve if there is a weakness in the 43 Ministerial Regulation.

"This is the President's message to Ministerial Regulation. Not a Ministerial Regulation, Ministerial Regulation to be noticed this Ministerial Regulation can accelerate the growth of investment in Indonesia. This year there are 42 or 43 Ministerial Regulations, all of which we will evaluate "said Arcandra without mentioning the Minister Regulation.

An energy observer from Trisakti University, Pri Agung Rakhmanto, said that the recently issued ESDM Ministerial Regulation does indeed hamper investment. He mentioned the regulations ranging from the implementation of gross split schemes for the oil and gas sector, then renewable energy renewable energy regulations, gas prices, until the Minister of Energy and Mineral Resources Regulation No 42/2017

"The government is a good facilitator for investment because in many ways in the energy sector, the government does not invest alone," he said.

According to Pri Agung, the evaluation to be conducted by the ESDM Ministry should involve stakeholders.

"The government must be willing to listen, correct the mistake if it exists. Can not feel the most right, "he said.

Meanwhile, Vice Chairman of the Association of Minerals Processing and Refining Company of Indonesia (AP3I) Jonatan Handoyo said, it never conveyed to the Ministry of Energy and Mineral Resources Regulation No. 6 of 2017 which interfere with the investment climate. The reason is that the rule relaxes the exports of low grade nickel ore since January 11, 2017 to five years into the future.

The policy puts the nickel price down drastically from US $ 11,000 per ton last year to around US $ 8,000-9,000 per tonne today. Consequently a total of 17 nickel smelters ceased operations in the second half of 2017.

This is because the production cost of US $ 10,000 per ton is higher than the nickel price, causing the smelter to suffer losses. It's just that Vice Minister of EMR Arcandra Tahar who at that time met the association did not react. His side then met the Head of Indonesian Investment Coordinating Board Thomas Lembong in early July yesterday.

The management of AP3I conveyed the same problem. This time Thomas Lembong responded to the complaint and asked for a letter addressed to President Joko Widodo. Jonatan hoped that the President's reprimand could bring fresh air into the nickel investment climate.

"Instruction like this has been done in Limited Cabinet Meeting) March 22 last, But no reaction," said Jonatan

For example, according to data from the Special Unit for Upstream Oil and Gas Business Activities (SKK Migas), upstream oil and natural gas investments continue to fall each year. SKK Migas recorded the realization of upstream oil and gas investment in the first half of this year only US $ 3.98 billion, down from the same period last year of US $ 5.65 billion.

Head of SKK Migas Amien Sunaryadi previously said that upstream oil and gas investment this year is targeted to reach US $ 13.8 billion. However, the realization of investment until June was only US $ 3.98 billion or 28% of the target. This realization is admittedly not in accordance with the expected side.

"In fact, upstream oil and gas investment is important for the country, because it has a significant trickle down effect. Because if the upstream oil and gas investment is small, then spending to supporting industries is also small, "he said.

He said, many things that cause low realization of this upstream oil and gas investment. One reason is the price of crude oil that has not changed much. With current oil prices, oil and gas investors are said to be hesitant to invest in exploration activities.

In fact, if there is no discovery of oil and gas reserves, investors will also not be sure in spending funds for development. As regards the issuance of several new regulations in recent times, Amien has dismissed this pressure on oil and gas investment. Regulations affecting current oil and gas investments are greater due to long-standing regulations, one of which is Government Regulation No. 79 of 2010 which regulates the cost recovery and taxation of upstream oil and gas business.

These factors determine the economic calculations of oil and gas projects. So there are some delayed or even delayed oil and gas projects. This is reflected from the data of survey and drilling activities held by SKK Migas. Until last June, the new 2D seismic survey activity was 3,432 kilometers (km) or 12% of the target of 10,248 km, 3D seismic survey 330 kilometers Square or 13% of the target of 6,566 square kilometers, exploration drilling 29 wells of 138 well targets, well drilling of 74 wells from 223 wells, and realization of new well work work of 351 activities from target

907 activities.

However, Amien hopes oil and gas investment will improve in the second half following the issuance of Government Regulation 27/2017 which is a revision of the Government Regulation 79/2010.

"This is out of Government Regulation 27/2017 hopefully can encourage the growth of upstream oil and gas investment," he said.

IN INDONESIA

Jokowi Minta ESDM Evaluasi Peraturan Menteri

Presiden Joko Widodo (Jokowi) memperingatkan jajaran menteri Kabinet Kerja untuk mengeluarkan Peraturan Menteri yang mengacu pada Iangkah-Iangkah Konkret yang memberikan kemudahan bagi kalangan dunia usaha untuk berinvestasi dan berekspansi bisnis.

Selain menegur Menteri Lingkungan Hidup dan Kehutanan Siti Nurbaya, Presiden Jokowi juga menegur Wakil Menteri Energi dan Sumber Daya Mineral (ESDM) Arcandra Tahar. Kedua kementerian itu dinilai masih menerapkan kebijakan yang tidak probisnis dan investasi.

“Begini, setiap Peraturan Menteri dan kebijakan akan kami evaluasi, yang tujuannya untuk mempermudah investasi. Itu pesan dari Presiden. Dan itu sangat kami perhatikan,” kata Arcandra di Istana Negara, Jakarta, Senin (24/7).

Dia mengatakan, evaluasi juga akan dilakukan atas 43 Peraturan Menteri yang diterbitkan tahun ini agar makin probisnis serta dapat membantu para pelaku usaha agar memiliki persepektif yang lebih luas. Pihaknya siap memperbaiki jika memang ada kelemahan dalam 43 Peraturan Menteri itu.

“Ini pesan Presiden untuk Peraturan Menteri. Bukan satu Peraturan Menteri, Peraturan Menteri agar diperhatikan Peraturan Menteri tersebut bisa mempercepat tumbuh kembangnya investasi di Indonesia. Tahun ini sudah ada 42 atau 43 Peraturan Menteri, semuanya akan kita evaluasi” ujar Arcandra tanpa menyebutkan Peraturan Menteri dimaksud.

Pengamat energi dari Universitas Trisakti Pri Agung Rakhmanto mengatakan, Peraturan Menteri ESDM yang diterbitkan belakangan ini memang menghambat investasi. Dia menyebut peraturan-peraturan itu mulai dari penerapan skema bagi hasil kotor (gross split) untuk sektor migas, kemudian peraturan listrik energi baru terbarukan, harga gas, hingga Peraturan Menteri ESDM No 42/2017

“Pemerintah jadilah fasilitator yang baik untuk investasi karena dalam banyak hal di sektor energi, pemerintah tidak berinvestasi sendiri,” tuturnya.

Menurut Pri Agung, evaluasi yang akan dilakukan Kementerian ESDM hendaknya melibatkan pemangku kepentingan.

“Pemerintah memang harus mau mendengar, mengoreksi kesalahan kalau memang ada. Tidak boleh merasa paling benar,” ujarnya.

Sementara itu, Wakil Ketua Asosiasi Perusahaan Pengolahan dan Pemurnian Mineral Indonesia (AP3I) Jonatan Handoyo menuturkan, pihaknya pernah menyampaikan kepada Kementerian ESDM terkait Peraturan Menteri No 6 Tahun 2017 yang mengganggu iklim investasi. Pasalnya aturan itu merelaksasi ekspor bijih nikel kadar rendah sejak 11 Januari 2017 hingga lima tahun ke depan.

Kebijakan itu membuat harga nikel turun drastis dari US$ 11.000 per ton pada tahun lalu menjadi sekitar US$ 8.000-9.000 per ton saat ini. Alhasil total sebanyak 17 smelter nikel berhenti operasi pada semester kedua 2017.

Hal itu disebabkan biaya produksi yang mencapai US$ 10.000 per ton lebih tinggi daripada harga nikel, membuat pelaku smelter merugi. Hanya saja Wakil Menteri ESDM Arcandra Tahar yang saat itu menemui asosiasi tidak bereaksi. Pihaknya kemudian menemui Kepala Badan Koordinasi Penanaman Modal Indonesia Thomas Lembong pada awal Juli kemarin. 

Pengurus AP3I menyampaikan permasalahan yang sama. Kali ini Thomas Lembong merespon keluhan itu dan meminta dibuatkan surat yang ditujukan ke Presiden Joko Widodo. Jonatan berharap teguran yang disampaikan Presiden bisa membawa angin segar ke dalam iklim investasi nikel. 

“Instruksi seperti ini sudah pernah dilakukan dalam Rapat Kabinet Terbatas) 22 Maret lalu, Tapi tidak ada reaksinya,” ujar Jonatan

Sebagai contohnya, menurut data Satuan Kerja Khusus Pelaksana Kegiatan Usaha Hulu Minyak dan Gas Bumi (SKK Migas), investasi sektor hulu minyak dan gas bumi nasional terus turun setiap tahunnya. SKK Migas mencatat realisasi investasi hulu migas semester pertama tahun ini hanya US$ 3,98 miliar, turun dari periode yang sama tahun lalu sebesar US$ 5,65 miliar.

Kepala SKK Migas Amien Sunaryadi sebelumnya mengatakan, investasi hulu migas pada tahun ini ditargetkan mencapai US$ 13,8 miliar. Namun, realisasi investasi hingga Juni lalu hanya sebesar US$ 3,98 miliar atau 28% dari target. Realisasi ini diakuinya memang tidak sesuai dengan yang diharapkan pihaknya.

“Padahal investasi hulu migas penting buat negara, karena punya trickle down effect yang signifikan. Karena kalau investasi hulu migas kecil, maka belanja ke industri pendukung juga kecil,” ujarnya.

Dikatakannya, banyak hal yang menjadi penyebab rendahnya realisasi investasi hulu migas ini. Salah satu penyebabnya yakni harga minyak mentah yang belum banyak berubah. Dengan harga minyak saat ini, investor migas disebutnya ragu-ragu untuk investasi di kegiatan eksplorasi.

Padahal, jika tidak ada penemuan cadangan migas, investor juga tidak akan yakin dalam mengeluarkan dana untuk pengembangan. Soal terbitnya beberapa peraturan baru beberapa waktu terakhir, Amien menampik hal ini menekan investasi migas. Regulasi yang berdampak pada investasi migas saat ini lebih besar disebabkan oleh regulasi-regulasi yang telah terbit sejak lama, salah satunya Peraturan Pemerintah No 79 Tahun 2010 yang mengatur soal cost recovery dan perpajakan dalam usaha hulu migas.

Berbagai hal ini menentukan kalkulasi keekonomian proyek migas. Sehingga ada beberapa proyek migas yang tertunda atau malah belum dilaksanakan. Hal ini tergambar dari data pelaksanaan kegiatan survei dan pengeboran yang dimiliki SKK Migas. 

     Sampai Juni lalu, kegiatan survei seismik 2D baru sepanjang 3.432 kilometer (km) atau 12% dari target 10.248 km, survei seismik 3D 330 kilometer persegi atau 13% dari target 6.566 kilometer persegi, pengeboran eksplorasi 29 sumur dari target 138 sumur, pengeboran sumur pengembangan 74 sumur dari target 223 sumur, dan realisasi kegiatan kerja ulang (workover) sumur baru 351 kegiatan dari target

907 kegiatan.

Meski demikian, Amien berharap investasi migas bakal membaik di semester kedua ini menyusul diterbitkannya Peraturan Pemerintah 27/2017 yang merupakan revisi dari PP 79/2010. 

“Ini sudah keluar Peraturan Pemerintah 27/2017 semoga dapat mendorong menumbuhkan investasi hulu migas,” ujarnya.

Investor Daily, Page-9, Tuesday, July 25, 2017

Auction 15 Oil and Gas Blocks Extended

The government extended the auction period of 15 conventional and non-conventional oil and gas blocks until September 2017. In its announcement, the Ministry of Energy and Mineral Resources stated that this extension of the auction time is to allow enough time for oil and gas companies to evaluate the economy considering the price of oil low.

In addition, oil and gas companies are also able to examine more closely the implementation of scheme productivity sharing contract (PSC) for gross split because it was first applied in auction.

"Yes, the oil and gas block auction is extended until September, giving time due to Gross Split's new system," said Director General of Oil and Gas at the Ministry of Energy and Mineral Resources I Gusti Nyoman Wiratmaja

The auction of 15 blocks of oil and gas has been announced by the government in May. For the auction of unconventional oil and gas blocks, access to tender documents by no later than 7 September and entry of documents of participation on 14 September. Previously, the government was still reluctant to specify the deadline for the auction of non-conventional oil and gas blocks because it planned to extend it.

As for conventional oil and gas blocks auctioned through direct bids, the deadline for access to tender documents is extended to September 11 and entry documents on September 18. In the previous announcement, the auction of tender documents was set on July 10. Furthermore, for the regular auction of conventional oil and gas blocks there is no extension of time, ie document access no later than 15 September.

The 15 oil and gas blocks that are auctioned consist of 10 conventional oil and gas blocks and five non-conventional oil and gas blocks. A total of 10 blocks of oil and gas have the potential of oil reserves of about 830 million barrels and 22 trillion cubic feet of gas. While oil potential for five non-conventional oil and gas blocks is about 640 million barrels and gas 17 trillion cubic feet.

For conventional oil and gas blocks auctioned through direct offerings are the Andaman I and Iaman Block II offshore Aceh, South Tuna offshore Natuna, Merak Lampung offshore and Banten-Lampung mainland, Pekawai offshore East Kalimantan, West Yamdena off Beaches and mainland Maluku, and Kasuri III in West Papua.

While offered with regular auctions namely Block Tongkol offshore Natuna, East Tanimbar off the coast of Maluku, and Mamberano on the mainland and off Papua monitor. Furthermore, three unconventional oil and gas blocks auctioned through direct offerings are MNK Jambi I in Jambi, MNK II in Jambi and Sumatra, and GMB West Air Komering in South Sumatra. Finally, GMB Raja and GMB Bungamas in South Sumatra are offered through regular auctions.

Enhancement Increases

From the data of the Ministry of Energy and Mineral Resources up to July 6, there are 12 companies that take the auction documents. Detailedly, the bloc is in great demand with the number of five companies namely the Andaman Block II. Furthermore, the East Tanimbar Block attracted two companies, as well as the Mamberamo Blocks, Casks, West Yamdena, Pekawai, and Andaman I each targeted by one company. This number of enthusiasts, said Wiratmaja, has increased.

"Up to last week, there were 15 who accessed the auction documents," he said.

Earlier Deputy Minister of Energy and Mineral Resources Arcandra Tahar said, to further excite the investment, the government will issue a new regulation of taxation applicable in the gross split contract. So far, oil and gas contracts refer to Government Regulation No. 79 of 2010 for taxation. The disincentives that have become disincentives have been revised by the government by issuing Government Regulation 27 of 2017. Only, this beleid set taxation for PSC cost recovery.

"We are hearing whether this gross split tax system can be like Government Regulation 27 / 2017. Now we are formulating a new Government Regulation whose treatment is the same as Government Regulation 27 and this is being awaited by KKKS (contractor of cooperation contract / KKKS)," he said. .

IN INDONESIA

Lelang 15 Blok Migas Diperpanjang

Pemerintah memperpanjang jangka waktu lelang 15 blok migas konvensional dan non-konvensional menjadi hingga September 2017. Dalam pengumumannya, Kementerian Energi dan Sumber Daya Mineral menyatakan, perpanjangan ini waktu lelang ini untuk memberikan waktu yang cukup bagi perusahaan migas melakukan evaluasi keekonomian mengingat harga minyak yang masih rendah. 

Selain itu, perusahaan migas juga dapat mengkaji lebih dalam soal penerapan kontrak kerja sama (productions sharing contract/ PSC) skema bagi basil kotor (gross split) karena baru pertama kali diterapkan dalam lelang.

“Ya, lelang blok migas diperpanjang sampai dengan September, memberikan waktu karena sistem baru Gross Split,” kata Direktur jenderal Minyak dan Gas Bumi Kementerian ESDM I Gusti Nyoman Wiratmaja 

Lelang 15 blok migas ini telah diumumkan pemerintah pada Mei lalu. Untuk lelang blok migas non-konvensional, akses dokumen lelang paling lambat Sampai 7 September dan pemasukan dokumen partisipasi pada 14 September. Sebelumnya, pemerintah masih enggan merinci batas waktu lelang blok migas non-konvensional karena memang berencana memperpanjangnya.

Sementara untuk blok migas konvensional yang dilelang melalui penawaran langsung, batas waktu akses dokumen lelang diperpanjang sampai 11 September dan pemasukan dokumen partisipasi pada 18 September. Dalam pengumuman sebelumnya ditetapkan batas akses dokumen lelang pada 10 Juli. Selanjutnya untuk lelang reguler blok migas konvensional tidak ada perpanjangan waktu, yakni akses dokumen paling lambat 15 September.

Ke-15 blok migas yang dilelang ini terdiri dari 10 blok migas konvensional dan lima blok migas non-konvensional. Sebanyak 10 blok migas konvensional ini memiliki potensi cadangan minyak sekitar 830 juta barel dan gas 22 triliun kaki kubik. Sementara potensi minyak untuk lima blok migas non-konvensional sekitar 640 juta barel dan gas 17 triliun kaki kubik.

Untuk blok migas konvensional yang dilelang melalui penawaran langsung adalah Blok Andaman I dan Andaman II di lepas pantai Aceh, South Tuna di lepas pantai Natuna, Merak Lampung di lepas pantai dan daratan Banten-Lampung, Pekawai di lepas pantai Kalimantan Timur, West Yamdena di lepas pantai dan daratan Maluku, dan Kasuri III di Papua Barat.

Sementara yang ditawarkan dengan lelang reguler yakni Blok Tongkol di lepas pantai Natuna, East Tanimbar di lepas pantai Maluku, dan Mamberano di daratan dan lepas pantau Papua. Selanjutnya, tiga blok migas nonkonvensional dilelang melalui penawaran langsung adalah MNK Jambi I di Jambi, MNK II di Jambi dan Sumatera, serta GMB West Air Komering di Sumatera Selatan. Terakhir, GMB Raja dan GMB Bungamas di Sumatera Selatan ditawarkan melalui lelang reguler.

Peminat Bertambah

Dari data Kementerian ESDM hingga 6 Juli lalu, terdapat 12 perusahaan yang mengambil dokumen lelang. Rincinya, blok yang banyak diminati dengan jumlah lima perusahaan yakni Blok Andaman II. Selanjutnya, Blok East Tanimbar diminati dua perusahaan, serta Blok Mamberamo, Tongkol, West Yamdena, Pekawai, dan Andaman I masing-masing diincar oleh satu perusahaan. Jumlah peminat ini, kata Wiratmaja, sudah bertambah. 

“Sampai dengan pekan lalu, sudah ada 15 yang mengakses dokumen lelang,” ujarnya.

Sebelumnya Wakil Menteri ESDM Arcandra Tahar menuturkan, untuk semakin menggairahkan investasi, pemerintah akan menerbitkan aturan baru soal perpajakan yang berlaku dalam kontrak gross split. Selama ini kontrak migas mengacu pada Peraturan Pemerintah No 79 Tahun 2010 untuk perpajakan. Atruan yang menjadi disinsentif ini telah direvisi pemerintah dengan menerbitkan Peraturan Pemerintah 27 Tahun 2017. Hanya saja, beleid ini mengatur perpajakan untuk PSC cost recovery.

“Kami mendengar apakah gross split ini sistem perpajakannya bisa seperti Peraturan Pemerintah 27/ 2017. Sekarang kami sedang menyusun Peraturan Pemerintah baru yang treatment-nya sama dengan Peraturan Pemerintah 27 dan ini sedang ditunggu pada KKKS (kontraktor kontrak kerja sama/KKKS) ,” katanya.

Investor Daily, Page-9, Tuesday, July 25, 2017

Taxation Gross Split Becomes Constraints

Contractors are still hesitant to take oil and gas blocks using a gross split-sharing scheme because up to now there is no tax regulation on the new scheme.

Executive Director of Indonesian Petroleum Association (IPA) Marjolijn Wajong said that the government needs to revise some regulations in upstream oil and gas to make it more attractive to investors.

Marjolijn pointed out, Minister of Energy and Mineral Resources Regulation no. 8/2017 on the Gross Split Revenue Contract which has not set the tax system on the type of cooperation contract. The beleid has been in effect since the beginning of this year. The terms of the gross profit sharing scheme substitute the profit-sharing contract with a cost recovery operation (cost recovery).

"There are still some regulations that are considered necessary to be considered in order to withdraw investment in upstream oil and gas in Indonesia. One of the things we highlighted is Ministerial Regulation 8/2017 on the Gross Revenue Contract

"Split, especially in terms of taxation," her said

On the other hand, the government has recently revised Government Regulation no. 79/2010 on Refundable Operating Costs and the Treatment of Income Tax on Upstream Oil and Gas Business Activities, which has been considered an investment disincentive.

Then the regulation was revised to Government Regulation no. 27/2017. Through the regulation, oil and gas business actors can get some incentives such as tax facilities and choice of sharing for dynamic results. However, in Government Regulation 27/2017 only regulated for the type of production sharing contract (PSC) cost recovery. 

    In fact, for new oil and gas block contracts to be signed under Regulation of Minister of Energy and Mineral Resources no. 8/2017 will use the contract Gross split which is now still set about the imposition of tax.

The unpublished rules on taxation have caused uncertainty in calculating the tax, especially for contractors of cooperation contracts (KKKS) already and will sign new contracts with gross split scheme. As is known, Minister of EMR Ignasius Jonan has assigned eight working areas that will expire his contract to Pertamina.

These eight working areas will use a gross split contract. Since the issuance, there is one working area that already uses gross split, ie Offshore North West Java (ONWJ) Block operated by PT Pertamina Hulu Energi ONWJ.

"Government Regulation 27/2017 as a revision of Government Regulation 79/2010 does not regulate taxation on PSC gross split. This condition has the potential to confuse KKKS already and who will sign the PSC gross split, "her said.

IMMEDIATE RELEASE

He hopes that the government can soon issue new rules on taxation in the gross split scheme. Thus, investors can calculate the economic level of oil and gas blocks management offered by the government through the auction of the working area.

In 2015 and 2016, no new contracts for oil and gas block development have been signed. In 2015, the government offers 14 oil and gas blocks and in 2016 17 oil and gas blocks. Meanwhile, investment trends continue to fall. Based on data from the Special Unit for Upstream Oil and Gas Business Activities (SKK Migas), in the first half of 2010, the investment reached US $ 7.74 billion. Then, in the I / 2016 semester of US $ S, 6S billion.

In the first half of 2017, upstream oil and gas investment of 29% or US $ 3.98 billion from the target of US $ 13.8 billion. When compared to the realization in 2016, the achievement of upstream investment this year is greater in percentage, but smaller its actual achievement by the difference of US $ 1.67. 

     As is known, the government extended the period of document retrieval and return of tender documents and from July to September. From the data of the Ministry of Energy and Mineral Resources (ESDM), there are seven working areas that have been documented.

Four blocks are offered through a direct offer of the Andaman I Block with a document, the Andaman Block II with five documents, one document accessible from the Pekawai Block and one document in the West Yamdena Block. The remainder, two documents from the East Tanimbar Block and each one document from the Tongkol Block and Mamberamo Block are offered through a regular auction

"We hope to be resolved soon to support the ongoing process of new auction work areas so that potential contractors can calculate the economic level more precisely," he said.

Previously, in the Plenary Cabinet Meeting on the topic of RAPBN 2018 at the State Palace, President Joko Widodo reminded the ministers to be careful in issuing new rules. Jokowi stressed that the Ministerial Regulation should create ease in the business world, whether to invest or expand.

Although he did not mention specifically, he cited the ESDM ministry as having not yet facilitated investment with a more investment-friendly regulation.

"In ESDM for example, what I see in one or two months is not responded well by investors, because it is considered to inhibit investment. This please be given notes and also other Ministerial Regulations. Be careful, "said the President.

IN INDONESIA

Perpajakan Gross Split Menjadi Kendala

Kontraktor masih ragu untuk mengambil blok minyak dan gas bumi yang menggunakan skema bagi hasil kotor atau gross split karena hingga saat ini belum ada peraturan perpajakan soal skema baru itu.

Direktur Eksekutif Indonesian Petroleum Association (IPA) Marjolijn Wajong mengatakan bahwa pemerintah perlu merevisi beberapa regulasi di hulu minyak dan gas bumi agar semakin menarik bagi para investor.

Marjolijn mencontohkan, Peraturan Menteri ESDM No. 8/2017 tentang Kontrak Bagi Hasil Gross Split yang belum mengatur sistem perpajakan pada jenis kontrak kerja sama tersebut. Beleid itu telah berlaku sejak awal tahun ini. Ketentuan skema bagi hasil kotor menggantikan kontrak bagi hasil dengan biaya operasi yang dapat dikembalikan (cost recovery).

“Masih ada beberapa regulasi yang dianggap perlu untuk diperhatikan demi menarik kembali investasi di hulu migas di Indonesia. Salah satu yang kami soroti adalah Peraturan Menteri 8/2017 tentang Kontrak Bagi Hasil Gross

"Split, khususnya dalam hal perpajakan,” ujarnya 

Di sisi lain, pemerintah belum lama ini telah merevisi Peraturan Pemerintah No. 79/2010 tentang Biaya Operasi yang Dapat Dikembalikan dan Perlakuan Pajak Penghasilan terhadap Kegiatan Usaha Hulu Migas, yang selama ini dianggap disinsentif investasi.

Kemudian aturan itu direvisi menjadi Peraturan Pemerintah No. 27/2017. Melalui aturan itu, pelaku usaha migas bisa mendapatkan beberapa insentif seperti fasilitas perpajakan dan pilihan penggunaan bagi hasil dinamis. Namun, dalam Peraturan Pemerintah 27/2017 hanya diatur untuk jenis kontrak bagi hasil produksi (production sharing contract/PSC) cost recovery. 

     Padahal, untuk kontrak-kontrak baru blok migas yang akan ditandatangani berdasarkan Peraturan Menteri ESDM No. 8/2017 akan menggunakan kontrak

gross split yang kini masih diatur tentang pengenaan pajaknya.

Belum terbitnya aturan tentang perpajakan menyebabkan ketidakpastian perhitungan pajak khususnya bagi kontraktor kontrak kerja sama (KKKS) yang sudah dan akan menandatangani kontrak baru dengan skema gross split. Seperti diketahui, Menteri ESDM Ignasius Jonan telah menugaskan delapan wilayah kerja yang akan habis masa kontraknya kepada Pertamina.

Delapan wilayah kerja ini nantinya akan menggunakan kontrak gross split. Sejak diterbitkan, terdapat satu wilayah kerja yang sudah menggunakan gross split, yakni Blok Offshore North West Java (ONWJ) yang dioperasikan oleh PT Pertamina Hulu Energi ONWJ.

“Peraturan Pemerintah 27/2017 sebagai revisi dari Peraturan Pemerintah 79/2010 tidak mengatur soal perpajakan pada PSC gross split. Kondisi ini berpotensi membingungkan KKKS yang sudah dan yang akan menandatangani PSC gross split,” katanya.

SEGERA TERBIT

Dia berharap agar pemerintah bisa segera menerbitkan aturan baru tentang perpajakan dalam skema gross split. Dengan demikian, para investor bisa menghitung tingkat keekonomian pengelolaan blok migas yang ditawarkan pemerintah melalui lelang wilayah kerja.

Pada 2015 dan 2016, belum ada kontrak baru pengembangan blok migas yang ditandatangani. Pada 2015, pemerintah menawarkan 14 blok migas dan pada 2016 17 blok migas. Sementara itu, tren investasi terus turun. Berdasarkan data Satuan Kerja Khusus Pelaksana Kegiatan Usaha Hulu Minyak dan Gas Bumi (SKK Migas), pada semester 1/201 5, investasi yang tercapai sebesar US$7,74 miliar. Kemudian, pada semester I/2016 sebesar US$S,6S miliar. 

Pada semester I/2017, investasi hulu migas 29% gatau US$ 3,98 miliar dari target yakni US$ 13,8 miliar. Jika dibandingkan dengan realisasi pada 2016, capaian investasi hulu tahun ini lebih besar persentasenya, tetapi lebih kecil capaian aktualnya dengan selisih US$ 1,67. 

    Seperti diketahui, pemerintah memperpanjang jangka waktu pengambilan dokumen dan pengembalian dokumen lelang dan semula Juli menjadi September Dari data Kementerian Energi dan Sumber Daya Mineral (ESDM), terdapat tujuh wilayah kerja yang telah diambil dokumennya.

Adapun, empat blok di antaranya ditawarkan melalui penawaran langsung yakni Blok Andaman I dengan satu dokumen, Blok Andaman II dengan lima dokumen, satu dokumen diakses dari Blok Pekawai dan satu dokumen di Blok West Yamdena. Sisanya, dua dokumen dari Blok East Tanimbar dan masing-masing satu dokumen dari Blok Tongkol dan Blok Mamberamo yang ditawarkan melalui lelang reguler 

“Kami berharap bisa segera diselesaikan agar dapat mendukung proses lelang wilayah kerja baru yang sedang berlangsung sehingga calon kontraktor dapat menghitung tingkat keekonomian secara lebih tepat,” katanya.

Sebelumnya, dalam Sidang Kabinet Paripurna dengan topik RAPBN 2018 di Istana Negara, Presiden Joko Widodo mengingatkan agar para menteri berhati-hati dalam menerbitkan aturan baru. Jokowi menekankan bahwa Peraturan Menteri harus menciptakan kemudahan dalam dunia usaha, baik untuk berinvestasi maupun berekspansi. 

Meskipun dia tidak menyebut secara spesifik, dia mencontohkan kementerian ESDM yang dianggap belum memfasilitasi penanaman modal dengan regulasi yang lebih ramah terhadap investasi.

“Di ESDM misalnya, yang saya lihat dalam satu dua bulan ini direspons tidak baik oleh investor, karena dianggap menghambat investasi. ini tolong diberikan catatan dan juga Peraturan Menteri yang lain. Hati-hati,” kata Presiden. 

Kompas, Page-18, Tuesday, July 25, 2017