Shell Still Tempted in the Downstream Sector of Oil and Gas

PT Shell Indonesia is still focusing on developing the downstream oil and gas business because it is considered still has great potential in the Indonesia. In fact, the oil and gas company intends to develop new and renewable energy to offset the Indonesian government's policy direction that will shift from fossil energy to renewable energy, such as the development of electric cars.

Retail Director Shell Indonesia Cluster Indonesia, Singapore and Hong Kong Wahyu Indrawanto said downstream oil and gas businesses such as the sale of fuel oil and lubricants for vehicles and industrial equipment are still potentially profitable

Over the next few years.

"People's mobility is increasing. That means downstream oil and gas is still profitable. However, we provide products that are more environmentally friendly through technology and innovation, "he said after a press conference on Monday (28/8).

According to him, Shell will also participate in developing electric cars such as the oil and gas companies in several countries in Europe. However, he has not specifically explained the effort.

"For example, like building solar panels [solar energy] at Shell gas stations, as in European gas stations."

Shell is still focused on selling fuel products and lubricants that are targeted to increase in the short term. He cited the sale of fuel at gas stations that continue to show growth.

In fact, the multinational oil and gas company headquartered in the Netherlands and registered in the UK is building 10 gas stations in three cities of Jakarta, Bandung, and Medan this year. Wahyu explained, his side spent an investment of Rp 10 billion for one gas station.

"We continue to develop our gas station network and launch innovative products that address consumer needs. We want to make our gas stations a refreshing oasis amid the mobility and bustle of customers. "

Shell is offering expanded SPBU network through DODO partnership program (Dealer Own Dealer Operate), which is partner to build and operate gas station with quality product and Shell service standard.

Wahyu explained that the gas station business can still grow better in the coming years along with the increasing mobility of society. Shell continues to innovate products by launching gasoline fuel with Dynaflex technology in late April 2017.

Total Shell gas stations in Indonesia have now reached 80 units in Jabodetabek, Bandung and North Sumatra since entering Indonesia in 2005. In terms of sales of lubricants also recorded growth in recent years. Indonesia is one of the 10 highest-demand lubricants in the world.

"We see the growth of lubricant business is very stable in Indonesia. We are committed to develop business in the lubricant sector, "said Director of Lubricant PT Shell Indonesia Dian Andyasuri added that the increase in lubricant sales is evidenced by the increased production of Shell lubricants at Marunda Center, Bekasi, West Java.

The capacity of the lubricant has reached 85 percent since it was inaugurated in 2015. Lubricant production at Marunda Center, Bekasi reaches 136 million tons per day,

"Marunda's plant is a form of Shell's commitment to support the needs of the domestic vehicle and industrial lubricants market."

Dian explained, it will expand sales of lubricants for vehicles and industries in the country. Shell strives to provide added value that can help partners by providing quality products that help extend machine life and savings. One of them by marketing lubricant products Shell Gadus S3 V460D 2.

IN INDONESIA

Shell Masih Tergiur di Sektor Hilir Migas

PT Shell Indonesia masih fokus mengembangkan bisnis hilir minyak dan gas bumi karena dinilai masih memiliki potensi besar di Tanah Air. Bahkan, perusahaan migas itu berniat mengembangkan energi baru dan terbarukan untuk mengimbangi arah kebijakan pemerintah Indonesia yang akan beralih dari energi fosil ke energi terbarukan, seperti pengembangan mobil listrik.

Direktur Ritel Shell Indonesia Cluster Indonesia, Singapura, dan Hong Kong Wahyu Indrawanto mengatakan, bisnis hilir migas seperti penjualan bahan bakar minyak (BBM) dan pelumas untuk kendaraan dan peralatan industri masih berpotensi menguntungkan

selama beberapa tahun ke depan.

“Mobilitas masyarakat terus meningkat. Artinya hilir migas masih menguntungkan. Namun, kami menyediakan produk yang lebih ramah lingkungan melalui teknologi dan inovasi,” katanya seusai konferensi pers, Senin (28/8).

Menurutnya, Shell juga akan ikut mengembangkan mobil listrik seperti yang dilakukan perusahaan migas itu di beberapa negara di Eropa. Namun, dia belum menjelaskan secara spesifik terkait dengan upaya yang akan dilakukan itu. 

“Misalnya seperti membangun solar panel [energi Surya] di SPBU Shell, seperti di SPBU Eropa.”

Shell masih fokus dalam penjualan produk BBM dan pelumas yang ditargetkan meningkat dalam jangka pendek. Dia mencontohkan penjualan BBM di SPBU yang terus menunjukkan pertumbuhan.

Bahkan, perusahaan minyak dan gas multinasional yang berkantor pusat di Belanda dan didaftarkan di Inggris itu sedang membangun 10 SPBU di tiga kota yaitu DKI Jakarta, Bandung, dan Medan pada tahun ini. Wahyu menjelaskan, pihaknya mengeluarkan dana investasi mencapai Rp 10 miliar untuk satu SPBU. 

“Kami terus mengembangkan jaringan SPBU kami dan meluncurkan produk inovatif yang menjawab kebutuhan konsumen.

Kami ingin menjadikan SPBU kami sebagai suatu oasis yang menyegarkan di tengah mobilitas dan kesibukan pelanggan."

Shell menawarkan perluasan jaringan SPBU melalui program kemitraan DODO (Dealer Own Dealer Operate), yaitu mitra membangun dan mengoperasikan SPBU dengan produk berkualitas dan standar pelayanan Shell.

Wahyu menjelaskan bahwa bisnis SPBU masih dapat tumbuh lebih baik di tahun-tahun mendatang seiring dengan meningkatnya mobilitas masyarakat. Shell terus menerus melakukan inovasi produk dengan meluncurkan bahan bakar bensin dengan teknologi Dynaflex pada akhir April 2017.

Total SPBU Shell di Indonesia kini telah mencapai 80 unit di Jabodetabek, Bandung, dan Sumatra Utara semenjak masuk ke Indonesia pada 2005. Dari sisi penjualan pelumas juga mencatatkan pertumbuhan dalam beberapa tahun terakhir. Indonesia merupakan salah satu dari 10 pasar pelumas dengan permintaan tertinggi di dunia.

“Kami melihat pertumbuhan bisnis pelumas sangat stabil di Indonesia. Kami berkomitmen mengembangkan bisnis di sektor pelumas,” kata Direktur Pelumas PT Shell Indonesia Dian Andyasuri menambahkan, peningkatan penjualan pelumas dibuktikan dengan meningkatnya produksi pabrik pelumas Shell di Marunda Center, Bekasi, Jawa Barat. 

Kapasitas terpakai dari pabrik pelumas itu sudah mencapai 85% sejak diresmikan pada 2015. Produksi pelumas di Marunda Center, Bekasi mencapai 136 juta ton per hari,

“Pabrik Marunda merupakan wujud komitmen Shell untuk mendukung kebutuhan pasar pelumas kendaraan dan industri dalam negeri.”

Dian menjelaskan, pihaknya akan memperluas penjualan pelumas untuk kendaraan dan industri di dalam negeri. Shell berupaya memberikan nilai tambah yang dapat membantu mitra dengan menyediakan produk yang berkualitas yang membantu memperpanjang usia mesin dan penghematan. Salah satunya dengan memasarkan produk pelumas Shell Gadus S3 V460D 2.

Bisnis Indonesia, Page-32, Tuesday, August 29, 2017

Shell Add Gas Station and Factory Expansion

PT Shell Indonesia is increasingly aggressive to increase the number of Public Filling Station (SPBU) in Indonesia. The global oil and gas company already has 80 gas stations in Jakarta, Bogor, Depok, Tangerang, Bekasi (Jabodetabek), Bandung and North Sumatra.

Wahyu lndrawanto, Retail Director of PT Shell Indonesia and Cluster General Manager of Retail Indonesia, Singapore, Hong Kong said, compared to Hong Kong and Singapore, the investment of additional gas stations is easier in Indonesia.

"This August we just open in Pondok Cabe Tangerang Selatan and in Jakarta Outer Ringroad (JORR) near Puri Indah, West Jakarta," said Wahyu, Monday (28/9).

After opening two gas stations, Shell will reopen eight to 10 gas stations in Jabodetabek, Bandung and Sumatra. If all is smoothly awakened, the total Shell filling stations by the end of the year could be 90-92 units. Shell gas station investment between Rp 10 billion to Rp 13 billion outside land and other assets. The addition of gas stations is done with two schemes.

First, with the Dealer Own Dealer Operate (DODO) partnership, it means that partners from Shell will build and operate the gas station. Secondly, under the scheme of the Company Owned Dealer Operated (CODO) program, it means that Shell owns land or rents and gas stations are built by Shell. While operating the company's partners as retailers.

"Of the 80 gas stations today, there are two that DODO," he said.

But consumers will not see the difference between DODO and CODO, because the Shell service is relatively no different. In addition to increasing the number of retail outlets, Shell is also expanding its OXO Express Release network for two-wheelers and four-wheeler and Shell Select / Deli2Go convenience stores to meet customer needs and support the overall gas station business.

"This year Oil Change Express and Select / Deli2Go will be present more at Shell filling stations," he explained.

Shell is also serious in the lubricant business. Dian Andyasuri, Director of Lubricants at PT Shell Indonesia, said that Shell's lubricant production at Bekasi factory has reached 85 percent from a capacity of 136 million tons per year.

"As our representative said when meeting with the Minister of Industry, we will expand the second phase of lubricant plant in Bekasi," he said.

Shell's lubricant customers are increasingly growing. Not just motor vehicles, but ship industry, power plant and mine.

IN INDONESIA

Shell Tambah SPBU dan Ekspansi Pabrik

PT Shell Indonesia semakin agresif menambah jumlah Stasiun Pengisian Bahan Bakar Umum (SPBU) di Indonesia. Perusahaan migas global tersebut sudah memiliki 80 SPBU di Jakarta, Bogor, Depok, Tangerang, Bekasi (Jabodetabek), Bandung dan Sumatra Utara.

Wahyu lndrawanto, Direktur Ritel PT Shell Indonesia dan Cluster General Manager Ritel Indonesia, Singapura, Hong Kong bilang, dibandingkan Hong Kong dan Singapura, investasi penambahan SPBU lebih mudah di Indonesia. 

"Bulan Agustus ini kami baru buka di Pondok Cabe Tangerang Selatan dan di Jakarta Outer Ringroad (JORR) dekat Puri Indah, Jakarta Barat,“ ungkap Wahyu, Senin (28/9).

Setelah membuka dua SPBU itu, Shell akan membuka kembali delapan sampai 10 SPBU di Jabodetabek, Bandung dan Sumatra. Jika semua  mulus terbangun, total SPBU Shell sampai akhir tahun bisa menjadi 90-92 unit. Investasi SPBU Shell antara Rp 10 miliar sampai Rp 13 miliar di luar lahan dan aset lain. Penambahan SPBU tersebut dilakukan dengan dua skema. 

Pertama, dengan kemitraan Dealer Own Dealer Operate (DODO), artinya mitra dari Shell akan membangun dan mengoperasikan SPBU. Kedua, dengan skema program Company Owned Dealer Operated (CODO), artinya Shell memiliki tanah atau menyewa dan SPBU dibangun oleh Shell. Sementara yang mengoperasikan mitra perusahaan tersebut sebagai peritel. 

"Dari 80 SPBU saat ini, ada dua yang DODO," ujarnya.

Namun konsumen tidak akan melihat perbedaan antara DODO dan CODO, karena pelayanan Shell relatif tidak berbeda. Selain menambah jumlah SPBU, Shell juga sedang memperluas jaringan Ganti Oli Express untuk kendaraan roda dua maupun roda empat dan convenience store Shell Select/Deli2Go untuk memenuhi kebutuhan pelanggan dan mendukung bisnis SPBU secara keseluruhan. 

"Tahun ini Ganti Oli Express dan Select/Deli2Go akan hadir lebih banyak di SPBU Shell," terang dia.

Shell juga serius di bisnis pelumas. Dian Andyasuri, Direktur Pelumas PT Shell Indonesia, menyatakan saat ini produksi pelumas Shell di pabrik Bekasi sudah mencapai 85% dari berkapasitas 136 juta ton per tahun. 

"Seperti yang disampaikan perwakilan kami saat bertemu dengan Menteri Perindustrian, kami akan ekspansi tahap kedua pabrik pelumas di Bekasi," ungkap dia. 

Saat ini pelanggan pelumas Shell semakin banyak. Bukan kendaraan bermotor saja, tapi industri kapal, pembangkit dan tambang.

Kontan, Page-18, Tuesday, August 29, 2017

Pertamina Enters Buyers at Two New Refineries

PT Pertamina claims to have received standby buyers or processing offakers at the Cilacap refinery, Central Java and Tuban, East Java. At the Cilacap refinery standby buyer is Saudi Aramco who is Pertamina's partner in the project. The buyer of Tuban refinery is Rosneft.

Pertamina's Finance Director Arief Budiman said Pertamina's two partners, Saudi Aramco and Rosneft were finally willing to become buyers domestically. "Sharing offtaker is no problem," Arief said on Monday (8/28).

In addition to domestic buyers, Pertamina and refinery partners will also be equally selling petrochemical products. The exported products will be self-managed.

"If the export is different again. Well, in petrochemicals together, "said Arief.

Pertamina will also implement this joint buyer scheme at the Bontang refinery project. Ardhy N. Mokobombang, Director of Processing and Petrochemical Megaproject said that he hoped the prospective partner in the Bontang refinery project would also be a buyer. So far Pertamina has been discussing with several potential partners related to the buyer.

"In the future, Kanmi expects not 100% load in Pertamina, we conduct joint marketing through B to B (business to business) For prospective partners in Bontang, "explained Ardhy.This time, Pertamina is currently doing the selection process partners at the refinery.

IN INDONESIA

Pertamina Mendafatkan Pembeli di Dua Kilang Baru

PT Pertamina mengklaim, sudah mendapatkan pembeli siaga atau offaker hasil pengolahan di kilang Cilacap, Jawa Tengah dan Tuban, Jawa Timur. Di Kilang Cilacap pembeli siaga adalah Saudi Aramco yang merupakan mitra Pertamina di proyek itu. Sedangkan pembeli kilang Tuban adalah Rosneft.

Direktur Keuangan Pertamina, Arief Budiman mengatakan dua mitra Pertamina, yaitu Saudi Aramco dan Rosneft akhirnya bersedia menjadi pembeli di dalam negeri. "Bagi-bagi offtaker sudah tidak masalah," kata Arief pada Senin (28/8).

Selain pembeli untuk dalam negeri, Pertamina dan mitra kilang juga akan sama-sama menjual produk petrokimia. Sementara produk yang diekspor akan dikelola sendiri.

“Kalau yang ekspor beda lagi. Nah, di petrokimia bersama-sama," ujar Arief.

Pertamina juga akan menerapkan skema pembeli bersama ini di proyek kilang Bontang. Ardhy N. Mokobombang, Direktur Megaproyek Pengolahan dan Petrokimia mengatakan pihaknya berharap calon mitra di proyek kilang Bontang juga mau menjadi pembeli. Sejauh ini Pertamina sudah melakukan diskusi dengan beberapa calon mitra terkait soal pembeli. 

"Ke depan kanmi mengharapkan tidak 100% beban di Pertamina, kami melakukan joint marketing lewat B to B (business to business) untuk calon mitra di Bontang," jelas Ardhy. Saat ini, Pertamina memang sedang melakukan proses seleksi mitra di kilang tersebut.

Kontan, Page-18, Tuesday, August 29, 2017

OES sacrificed to support upstream gas projects

The government has apparently forced state-owned energy firms Pertamina, Perusahaan Gas Negara (PGN) and PLN to bite off more than they can chew to make a number of gas projects financially viable amid a poor investment climate in the sector.

The Energy and Mineral Resources Ministry raised in late July the price of gas sold by United States energy giant ConocoPhillips to PGN, which will distribute the energy to its customers in Batam, Riau Islands.

The price for 22.73 billion British thermal units per day (bbtud) of gas has effectively stayed at US$ 3.5 per million British thermal units (mmbtu), up from $ 26, starting from early August to 2019 when the contract ends.

“The price increase is necessary to maintain the fairness of the oil and gas business both in upstream and midstream sectors, While it will also push up state revenue. So, it’s a positive change,” Minister lgnasius Jonan said recently.

The price change may lead to $ 4.3 million in additional state revenue in the form of income tax (PPh) and non-tax revenue from July this year to November 2018, according to the ministry’s estimate. The figure is bigger than $ 2.3 million in additional revenue the ConocoPhillips may pocket in the same period.

However, PGN will be the one suffering from this policy because the ministry prohibited the company from adjusting the price of gas sold to its customers, including state-owned electricity firm PLN and a number of independent power producers (IPPS), to ensure its affordability.

Consequently, the gas firm must bear an extra cost of Rp 120 billion ($ 8.9 million) a year because of the price hike in the upstream sector. As of March, PGN’s total liabilities had risen 5.9 percent year-on-year (yoy) to $3.7 billion, While its net profit had fallen 3.79 percent to $96.8 million.

In another move in early August, the ministry fixed the price of gas produced at the Jambaran-Tiung Biru (JTB) Field in Central Java at $7.6 per mmbtu Within a 30-year period. The field is partly owned by PT Pertamina EP Cepu (PEPC), a subsidiary of Pertamina. The JTB field is expected to produce at least 172 million standard cubic feet per day (mmscfd) within 16 years after it goes on stream in 2020. PLN is set to buy 100 mmscfd of the total to support its operations in Gresik, East Java.

Initially PLN was only willing to pay $7 per mmbtu for the gas at its plant gate in Gresik, While PEPC wanted $7 per mmbtu at its wellhead in the J TB field. Deputy minister Arcandra Tahar said the measure was part of efforts to offer the available gas at an affordable price not only to PLN but also its customers.

As a result, Pertamina was forced to make another sacrifice amid its mounting financial burdens. By the end of last year, the government still owed Pertamina Rp 22 trillion in subsidies for the sale of subsidized 3-kilogram liquefied petroleum gas (LPG) canisters and subsidized diesel.

Its total liabilities had risen 1.07 percent yoy to $26.3 billion as of June, while its net profit had fallen sharply by 23.65 percent to nearly $1.4 billion. Adding to the aforementioned woes of state energy firms. the ministry recently pushed up the price cap of piped gas at the plant gate to 14.5 percent of Indonesian Crude Price (ICP) from 11.5 percent through Ministerial. Decree No. 45/2017. In July, the ICP stood at $45.48 per barrel, up 4.16 percent from June.

While the new benchmark enables various gas projects to be more economically feasible, PLN and IPPs, on the other hand, must spend more for gas. As of June, PLN’s liabilities climbed 9.8 percent yoy to Rp 420.5 trillion, while its net profit plunged 71.7 percent to Rp 2.24 trillion.

Nevertheless, executive director of Jakarta-based energy think tank Reforminer Institute, Komaidi Notonegoro, viewed the measures takenby the government as necessary to guarantee the sustainability of upstream projects in the country.

“If it can’t maintain development in the upstream sector, the midstream and downstream sectors will be negatively affected as well,” said Komaidi.

Jakarta Post, Page-13, Monday, August 28, 2017

Should RI Import Gas from Singapore?

Gas production in the next few years will be the belle of Indonesia, because when oil falls, gas will rise as some jumbo projects operate. Yet, the government wants to import gas.

Liquifed Natural Gas (LNG) and Singapore gas import plans are in the spotlight. How not, Indonesia is an archipelago country with abundant gas potential. The government wants to import LNG from Keppel Offshore & Marine with a very cheap price claim of US $ 3.8 per mmbtu.

The plan, LNG imports will be used to turn the power plant with a capacity of 500 Megawatts (MW). But regardless of the cheap price, this gas import does not even make sense. This is because gas production in the country is abundant.

See, gas lifting in 2017 reached 1.15 million barrels of oil per day (boepd), and gas lifting in 2018 set 1.2 million boepd. In fact, Upstream Oil and Gas Special Unit (SKK Migas) notes that in 2025 gas production can reach 60% of total national oil and gas production. It is derived from five major upstream oil and gas projects that are currently included in the national strategy project.

The five projects, including Jangkrik Field, Tiung Biru Jambangan Field, Tangguh Train III Project, Masela Block and Indonesia Deepwater Development (IDD) project. Executive Director of ReforMiner Institute, Komaidi Notonegoro considers, Indonesia does not need to import gas. Because, in fact during this Singapore is always imported gas from Indonesia.

"In fact, it is still importing gas from us (Indonesia). Why do we want to import from there ?, "he said

He said the gas price offered by Keppel Offshore & Marine is about US $ 3.8 per MMBTU - US $ 4 per MMBTU is only limited to the price of regasification and transportation only. Thus, he considers that when calculated on shipping costs and the cost of converting LNG to gas, the price will be the same as that offered by domestic gas producers.

In line with Komaidi Notonegoro, Energy Observer from Gadjah Mada University, Fahmi Radhi revealed, in the face of high domestic gas prices, the government seemed to have no solution other than import. In fact, the problem that caused the price of expensive gas is the limitations of pipeline infrastructure and the existence of a trading company that does not have gas pipeline infrastructure, just brokers, thus contributing to raising domestic gas prices.

Member of House of Representatives Commission VII Rofi Munawar also disagreed with this import plan. He considers that gas imports make the national gas development road map unclear. Therefore, he proposed a comprehensive national gas balance audit. With it is clearly illustrated projection of gas demand and domestic gas production capability. Rofi feels there is something strange if Indonesia imports LNG from Singapore, because they do not have gas fields.

"Singapore's bid on a price basis may be efficient to the point of delivery, but if it has been to the point of distribution can soar," said Rofi. On the other hand, Rofi noted that there is an upward trend in the production of ready-to-sell gas or lifting that should be utilized by the government to manage more efficient gas governance and governance.

"Not then in a hurry to take import step," he said.

Responding to this, Arcandra Tahar Deputy Minister of EMR said that all matters relating to imports should be careful. Because it is currently being evaluated including the price.

IN INDONESIA

Perlukah RI Impor Gas dari Singapura?

Produksi gas beberapa tahun ke depan akan menjadi primadona Indonesia, sebab tatkala minyak turun, gas akan naik karena beberapa proyek jumbo beroperasi. Namun aneh pemerintah malah mau impor gas.

Rencana impor gas alam cair atau Liquifed Natural Gas (LNG) dan Singapura menjadi sorotan. Bagaimana tidak, Indonesia merupakan negara kepulauan yang potensi gasnya melimpah. Pemerintah ingin mengimpor LNG dari Keppel Offshore & Marine dengan klaim harganya sangat murah yakni sebesar US$ 3,8 per mmbtu.

Rencananya, LNG impor tersebut akan dipakai untuk menghidupkan pembangkit listrik dengan kapasitas 500 Megawatt (MW). Namun terlepas dari harga yang murah, impor gas ini bahkan tidak masuk akal. Ini karena produksi gas di dalam negeri berlimpah. 

Lihat saja, lifting gas tahun 2017 mencapai 1,15 juta barrel oil per day (boepd), dan lifting gas pada 2018 ditetapkan 1,2 juta boepd. Bahkan, Satuan Kerja Khusus Hulu Minyak dan Gas Bumi (SKK Migas) mencatat pada-tahun 2025 produksi gas bisa mencapai 60% dari total produksi migas nasional. Itu didapat dari lima proyek besar hulu migas yang saat ini masuk dalam proyek strategi nasional.

Adapun lima proyek itu, di antaranya Lapangan Jangkrik, Lapangan Jambangan Tiung Biru, Proyek Tangguh Train III, Blok Masela dan proyek Indonesia Deepwater Development (IDD). Direktur Eksekutif ReforMiner Institute, Komaidi Notonegoro menganggap, Indonesia tidak perlu mengimpor gas. Karena, nyatanya selama ini Singapura yang selalu impor gas dari Indonesia.

“Malah saat ini juga masih impor gas pipa dari kita (Indonesia). Mengapa kita mau impor dari sana?," katanya

Ia bilang, harga gas yang ditawarkan oleh Keppel Offshore & Marine sekitar US$ 3,8 per MMBTU - US$ 4 per MMBTU itu hanya sebatas harga regasifikasi dan transportasi saja. Maka, ia menganggap apabila dihitung dengan biaya pengapalan dan biaya konversi LNG ke gas, harganya akan sama dengan yang ditawarkan oleh produsen gas domestik.

Senada dengan Komaidi Notonegoro, Pengamat Energi dari Universitas Gadjah Mada, Fahmi Radhi mengungkapkan, dalam menghadapi mahalnya harga gas dalam negeri, pemerintah seakan tidak punya solusi lain selain impor. Padahal, masalah yang menyebabkan harga gas mahal adalah keterbatasan infrastruktur pipa dan adanya perusahaan trading yang tidak punya infrastruktur pipa gas alias hanya makelar, sehingga berkontribusi dalam menaikkan harga gas dalam negeri.

Anggota Komisi VII DPR RI Rofi Munawar juga tidak setuju dengan rencana impor ini. Ia menganggap impor gas membuat road map pengembangan gas nasional menjadi tidak jelas. Karena itu, ia mengusulkan agar dilakukan audit neraca gas nasional yang komprehensif. Dengan itu tergambar jelas proyeksi kebutuhan gas maupun kemampuan produksi gas domestik. Rofi merasa ada yang aneh jika Indonesia mengimpor LNG dari Singapura, karena mereka tidak punya ladang gas. 

"Tawaran Singapura secara harga mungkin efisien hingga ke titik serah, namun jika sudah ke titik distribusi bisa melonjak," ujar Rofi. Di sisi lain, Rofi mencermati ada tren kenaikan produksi gas siap jual atau lifting yang harusnya bisa dimanfaatkan oleh pemerintah untuk mengatur tata kelola dan tata niaga gas yang lebih efisien.

"Bukan kemudian secara terburu-buru mengambil langkah impor," ujarnya.

Menanggapi ini, Arcandra Tahar Wakil Menteri ESDM mengatakan bahwa semua hal yang berkaitan dengan impor harus berhati-hati. Oleh karena saat ini sedang dievaluasi termasuk soal harganya.

Kontan, Page-18, Monday, August 28, 2017

Pertamina EP Asset 3 Sure Production Can be 11,000 bpd

PT Pertamina EP Asset 3 is optimistic that oil production could reach the target of 11,000 barrels per day by the end of 2017. The production target will be sustained by the start of Bambu Besar Field development in October.

Wisnu Hindadari, General Manager of Pertamina EP Asset 3, said that as of July 2017 the average Pertamina EP Asset 3 oil production is around 10,000 bpd.

"With a number of development wells expected by year-end oil production could rise to 11,000 bpd," Wisnu said

In addition to oil, Pertamina EP Asset 3 also produces gas up to July at 300 million cubic feet per day (mmscfd). Currently Pertamina EP Asset 3 production comes from three fields, Field Tambun, Subang and Jatibarang.

Tambun contributes 2,200 bpd of oil and 50 mmscfd of gas, Subang contributes 1,709 bpd of oil and 200 MMSCfd of gas. And Jatibarang field contributes 6,000 bpd and gas 50 mmscfd.

"The volume of oil is bigger, but for the contribution of large gas revenues, even contribute up to 80%," he said.

Armand Mel Hukom, Field Manager of Pertamina EP Asset 3 Subang, said Subang Field is developing an exploitation well in the Great Bamboo field and will be executed in October 2017. This is ahead of the 2018 forecast. Field Subang is also developing drilling wells in Jatiasri for seven wells Until 2018.

IN INDONESIA

Pertamina EP Asset 3 Yakin Produksi Bisa 11.000 bph

PT Pertamina EP Asset 3 optimistis produksi minyak bisa mencapai target 11.000 barel per hari pada akhir 2017 . Target produksi tersebut akan ditopang oleh dimulainya pengembangan Lapangan Bambu Besar pada Oktober mendatang. 

Wisnu Hindadari, General Manager Pertamina EP Asset 3, mengatakan, per Juli 2017 rata-rata produksi minyak Pertamina EP Asset 3 sekitar 10.000 bph. 

"Dengan sejumlah sumur pengembangan diharapkan hingga akhir tahun produksi minyak bisa meningkat menjadi 11.000 bph," ujar Wisnu 

Selain minyak, Pertamina EP Asset 3 juga memproduksi gas yang hingga Juli mencapai 300 juta kaki kubik per hari (mmscfd). Saat ini produksi Pertamina EP Asset 3 berasal dari tiga lapangan, Field Tambun, Subang dan Jatibarang.

Tambun berkontribusi 2.200 bph minyak dan 50 mmscfd gas, Subang menyumbang 1.709 bph minyak dan 200 MMSCfd gas. Serta Jatibarang field menyumbang 6.000 bph dan gas 50 mmscfd. 

"Secara volume minyak lebih besar, namun untuk kontribusi pendapatan gas yang besar. Bahkan berkontribusi hingga 80%," katanya.

Armand Mel Hukom, Field Manajer Pertamina EP Asset 3 Subang, mengatakan, Subang Field tengah mengembangkan sumur eksploitasi di lapangan Bambu Besar dan akan dieksekusi pada Oktober 2017. Ini lebih awal dari perkiraan 2018. Field Subang juga sedang mengembangkan pemboran sumur di Jatiasri sebanyak tujuh sumur hingga 2018.

Kontan, Page-18, Monday, August 28, 2017

Split Gross More Pinched

There are several oil and gas blocks that are running out of contract. The government commissioned PT Pertamina to take over the blocks with which the contract was completed. However, the blocks are considered uneconomical if using a gross split share scheme. This is the reason for the Ministry of Energy and Mineral Resources to revise the Minister of Energy and Mineral Resources Regulation no. 8/2017 on the Gross Split Revenue Contract.

The 7 month old rule is currently in the revision phase. In the course of this, the new scheme aimed at boosting efficiency gets red notes from business actors as it is considered to be no more attractive than the current contract of cooperation, the cost recovery (PSC) production cost contract.

When the new Offshore Nonh West Java Offshore Block (ONWJ) was signed on January 18, 2017, the government stated that the eight blocks out of contract in 2017 and 2018 were assigned to Pertamina using a gross split scheme.

Following the signing of the contract, the ONWJ Block operator, which became the first working area with a split gloss scheme, proposed an additional share of profit sharing because there was still a cost burden that had not yet been accounted for in the revenue share. From 57.5 percent, oil shares rose to 73.5 percent and gas from 625 percent to 81 percent.

Profit sharing up to the end of 2017 is also obtained by PT Pertamina Hulu Energi ONWJ, operator of ONWJ Block, with the additional assumption of 5% EMR Minister's discretion due to the declining field economy, profit sharing factor of 5% oil price and 7.5% , while the cumulative factor of production is 3% for oil and gas.

Additional revenue sharing has not yet accommodated the realization of the use of local goods / services products and the tax burden due to tax breaks on gross splits yet to be published. President Director of Pertamina Upstream Energi Gunung Sardjono Hadi said that ONWJ Block no longer follows the new provisions in the revision of Regulation of Minister of Energy and Mineral Resources No. 8/2017 targeted published this month. According to him, the new beleid accommodating several changes will be applied to the block of contracts including those assigned to Pertamina.

Since the end of July, Pertamina has proposed incentives on new contracts in the eight blocks of contracts that it plans to sign in May 2017. Lack of space to gain profit in managing the block has finally made the signing of the contract null and void. Thus, the government revised the Regulation of the Minister of ESDM even though it has only been running for 7 months.

"For ONWJ already done no longer applied revision of Ministerial Regulation 8/2017. For the termination of new blocks 2018 onwards will use revision of Minister of Energy and Mineral Resources Regulation no. 8/2017, "he said.

Earlier, Deputy Minister of Energy and Mineral Resources Arcandra Tahar only mentioned that the beleid revision refers to the proposed business actors and because currently there is still a new work area offering. In fact, since a few weeks after the rule was issued, business actors have proposed suggestions on the new provisions.

MORE BETTER

He calls on the gross split this time, the contractor will get the field economy seen from the same internal rate of return (IRR) is even better and the cost recovery scheme. In addition, the investment calculated from the current (net present value / NPV) is also guaranteed to be the same and better than the current block.

He believes that it can be achieved because the reference data originally only taken from 10 field has been added to 22 existing field. In the meantime, for its application obligations on all new contracts the new green fields as well as the brown fields expired are unchanged.

Upstream Director of Pertamina Syamsu Alam said that until now it is still discussing a new contract for the block that will move to Pertamina. Challenges in the development of blocks with old fields aged over 30 years ie rapid rate of decline in production. Thus, it prioritizes the production of eight blocks are maintained.

"The challenge is definitely everything is mature fields so the main concentration is reducing decline [production] through the selection of methods and technologies that are effective and efficient," he said.

Analyst Hulu Wood Mackenzie Johan Utama said that the gross split scheme requires contractors to make efficiency so that the upstream oil and gas business can remain anchored. Further cost cuts will be faced with operator activities in the field in order to keep the safety aspects in line with existing regulations.

On the other hand, efforts to maintain production cost high so there is a chance that some fields can not be maintained because the production is too expensive. Steps to turn off or off the field will result in reduced production.

"When this happens, the fields will be turned off or disabled sooner and we will see a decline in production

which is faster, "he said.

The crucial point of managing the block-out of the contract, at the time of the decision and signing of the new contract, the time that is too narrow will make the contractor more difficult to set aside the budget. Legally, the new contractor has not been able to make an effort to slow down the rate of production decline if the new contract has not been signed. 

     In fact, the management of blocks older than 30 years requires a large cost because they have to achieve certain production targets. Moreover, there is a cost burden for post-operational obligations at the end of the contract to be borne.

IN INDONESIA

Gross Split Semakin Terjepit

Ada beberapa blok minyak dan gas bumi yang segera habis kontraknya. Pemerintah menugaskan PT Pertamina untuk mengambil alih blok-blok yang kontraknya sudah selesai tersebut. Namun, blok-blok tersebut dinilai tidak ekonomis jika menggunakan skema bagi hasil kotor atau gross split. Hal itu yang menjadi alasan Kementerian ESDM merevisi Peraturan Menteri ESDM No. 8/2017 tentang Kontrak Bagi Hasil Gross Split.

Peraturan yang hanya berumur 7 bulan itu saat ini dalam tahap revisi. Dalam perjalanannya, skema baru yang bertujuan untuk mendorong efisiensi itu mendapat catatan merah dari pelaku usaha karena dianggap tidak lebih menarik dari kontrak kerja sama yang berlaku saat ini, yakni kontrak bagi hasil (production sharing contract/PSC) pengembalian biaya operasi [cost recovery).

Pada saat kontrak baru Blok Offshore Nonh West Java (ONWJ) diteken pada 18 Januari 2017, pemerintah pun menyatakan bahwa delapan blok yang habis kontraknya pada 2017 dan 2018 ditugaskan kepada Pertamina dengan menggunakan skema gross split.

Setelah penandatanganan kontrak, operator Blok ONWJ yang menjadi wilayah kerja pertama dengan skema gloss split, mengajukan penambahan porsi bagi hasil karena masih terdapat beban biaya yang belum diperhitungkan dalam porsi bagi hasil. Dari semula bagi hasil minyak 57,5% naik menjadi 73.5% dan gas 625% menjadi 81%.

Bagi hasil yang berlaku hingga akhir 2017 ini pun diperoleh PT Pertamina Hulu Energi ONWJ, operator Blok ONWJ, dengan asumsi tambahan dari diskresi Menteri ESDM sebesar 5% karena keekonomian lapangan turun, faktor bagi hasil progresif dari harga minyak 5% dan gas 7,5%, sedangkan faktor kumulatif produksi sebesar 3% untuk minyak serta gas.

Tambahan bagi hasil belum mengakomodasi realisasi penggunaan produk barang/jasa lokal dan beban pajak karena beleid perpajakan tentang gross split belum terbit. Presiden Direktur Pertamina Hulu Energi Gunung Sardjono Hadi mengatakan bahwa Blok ONWJ tidak lagi mengikuti ketentuan yang baru pada revisi Peraturan Menteri ESDM No. 8/2017 yang ditarget diterbitkan bulan ini. Menurutnya, beleid baru yang mengakomodasi beberapa perubahan akan diterapkan pada blok habis kontrak termasuk yang ditugaskan kepada Pertamina.

Sejak akhir Juli, Pertamina telah mengusulkan insentif pada kontrak baru di delapan blok habis kontrak tersebut yang rencananya bisa diteken pada Mei 2017. Kurangnya ruang untuk mendapatkan keuntungan dalam mengelola blok tersebut akhirnya membuat penandatanganan kontrak batal dilakukan. Dengan demikian, pemerintah melakukan revisi Peraturan Menteri ESDM meski baru saja berjalan 7 bulan.

“Untuk ONWJ sudah done tidak lagi diterapkan revisi Peraturan Menteri 8/2017. Untuk terminasi blok baru tahun 2018 dan seterusnya akan menggunakan revisi Peraturan Menteri ESDM No. 8/2017,” ujarnya. 

Sebelumnya, Wakil Menteri ESDM Arcandra Tahar hanya menyebut bahwa revisi beleid mengacu pada usulan pelaku usaha dan karena saat ini masih berlangsung penawaran wilayah kerja baru. Padahal, sejak beberapa pekan setelah aturan itu terbit, pelaku usaha telah mengusulkan saran terhadap ketentuan baru itu.

LEBIH BAIK

Dia menyebut pada gross split kali ini, kontraktor akan mendapatkan keekonomian lapangan yang dilihat dari angka pengembalian investasi (internal rate of return/IRR) yang sama bahkan lebih baik dan skema cost recovery. Selain itu, investasi yang dihitung dari angka saat ini (net present value/NPV) juga dijamin akan sama dan lebih baik dari blok yang ada saat ini.

Dia meyakini bahwa hal itu bisa tercapai karena acuan data yang semula hanya diambil dari 10 lapangan telah ditambah menjadi 22 lapangan yang ada. Sementara itu untuk kewajiban penerapannya pada semua kontrak baru baik wilayah kerja baru (green fields) juga wilayah kerja yang habis kontrak [brown fields) tidak berubah.

Direktur Hulu Pertamina Syamsu Alam mengatakan bahwa hingga saat ini pihaknya masih membahas kontrak baru untuk blok yang akan beralih ke Pertamina. Tantangan dalam pengembangan blok dengan lapangan tua berusia lebih dari 30 tahun yakni cepatnya laju penurunan produksi. Dengan demikian, pihaknya mengutamakan agar produksi delapan blok tersebut tetap terjaga.

“Tantangannya sudah pasti semuanya adalah mature fields [lapangan tua] sehingga konsentrasi utamanya adalah mengurangi decline [penurunan] produksi melalui pemilihan metode maupun teknologi yang efektif dan efisien," katanya 

Analis Hulu Wood Mackenzie Johan Utama mengatakan bahwa skema gross split menuntut kontraktor untuk melakukan efisiensi agar pengusahaan hulu migas bisa tetap mengumungkan. Pemangkasan biaya selanjutnya akan dihadapkan dengan kegiatan operator di lapangan agar bisa tetap menjaga aspek keselamatan sesuai dengan regulasi yang ada.

Di sisi lain, upaya untuk menjaga produksi membutuhkan biaya tinggi sehingga terdapat peluang beberapa lapangan tidak bisa dijaga produksinya karena terlalu mahal biayanya. Langkah untuk mematikan atau menonaktitkan lapangan akan mengakibatkan menurunnya produksi.

“Bila ini terjadi, lapangan-lapangan tersebut akan dimatikan atau dinonaktifkan lebih cepat dan kita akan melihat penurunan produksi

yang lebih cepat,” katanya.

Titik krusial pengelolaan blok habis kontrak, pada waktu keputusan dan penandatanganan kontrak baru, waktu yang terlalu sempit akan membuat kontraktor semakin sulit untuk menyisihkan anggaran. Secara legal, kontraktor baru belum bisa melakukan upaya pelambatan laju penurunan produksi bila kontrak baru belum diteken. Padahal, pengelolaan blok berusia lebih dari 30 tahun membutuhkan ongkos besar karena harus mencapai target produksi tertentu. Terlebih, terdapat beban biaya untuk kewajiban pasca operasi pada masa akhir kontrak yang harus ditanggung.

Bisnis Indonesia, Page-32, Monday, August 28, 2017

Oil and gas reforms 20 awry for Jokowi

For President Joko “Jokowi” Widodo, reforming the oil and gas sector seems be like opening Pandora’s box; the harder he tries to clean up the mess, the more problems appear.

When Jokowi took office in late 2014, he vowed to eliminate what his administration called an “oil and gas mafia,” deemed to impede accountable and transformative policy-making.

By doing so, he aimed at better transparency and efficiency that could eventually bringing higher gains from the sector, traditionally the biggest contributor to state revenue with a more than 10 percent share each year.

However, after a series of structural overhauls in the Energy and Mineral Resources Ministry, regulatory authorities and state owned enterprises, within nearly three years of Jokowi’s presidency, the country has a bitter pill to swallow as it has proven hard to boost the competitiveness of its energy sector amid persisting low oil prices.

Investment in the oil and gas sector only reached US$4.8 billion in the first half of 2017, representing 21.6 percent of the fullyear target. Of the figure, contractors spent a mere $30 million on exploration activities, making it more difficult for the country to find new reserves against the backdrop of declining oil production in contrast to ever-growing domestic demand.

At the same time, state income from the sector stood at Rp 69.4 trillion ($5.2 billion), or 65.7 percent of the full-year estimate of Hp 105.5 -trillion, which when achieved, would represent one-third of what it earned in 2013 when oil prices were at a favorable level.

The Indonesian Employers Association’s (Apindo) head of energy and mineral resources division, Sammy Hamzah, attributed the current situation to the President’s mind-set when he began his tenure.

“As he vowed to eliminate the oil and gas mafia, many policies, including those set in ministerial decrees and government regulations [PP], have been drafted on the basis of mistrust ever since,” Sammy told 

He cited Energy and Mineral Resources Ministerial Decree No. 8/2017 on the gross-split sliding scale for new oil and gas production sharing contracts. Unlike its predecessor, the cost recovery scheme, the gross-split mechanism exempts the government from the obligation to reimburse contractors tor exploitation expenses .during the period of their contracts.

The gross-split scheme was introduced to curb soaring government spending on reimbursing investors from one year to another. The government reimbursed an average of $14.29 billion a year to all upstream oil and gas contractors within the 2010 to 2016 period. However, the Supreme Audit Agency (BPK) found that in 2014 and 2015 alone, contractors had marked up their exploitation costs by Rp 5.14 trillion and Rp 3.89 trillion, respectively.

“Indeed, the country will benefit more by applying a gross-split scheme. But the government should also consider the burdens contractors have to bear,” said Fahmy Radhi, an energy economic observer from the Yogyakarta-based Gadjah Mada University.

“Otherwise, this scheme will only make the investment climate less attractive.”

Indonesian Petroleum Association (IPA) executive director Marjolijn Wajong has repeatedly voiced the group’s concerns over the lack of two-way communication between oil and gas stake-holders and the Energy and Mineral Resources Ministry, which in turn caused prolonged uncertainties triggered by a number of policy flip-flops.

“In almost all discussions with the government, there is no narrative to ensure a policy will make [the oil and gas sector in] Indonesia more competitive," Marjolijn said.

In the BMI Mining Risk/Reward Index published recently by Fitch Group’s BMI Research, Indonesia only earned 25.4 points out of 100 in the category of mining regulation, which indicates the unattractiveness of its mining sector and this is attributable to its nationalistic policy stance. 

Jokowi himself has criticized some of its ministers over the issuance of some unfriendly policies that might have scared investors away. Fabby Tumiwa, the executive director of Jakarta-based think-tank Institute for Essential Services Reform (IESR), said there should be systematic efforts to identify all problems experienced by investors, particularly in the oil and gas sector, such as further reforms in the Upstream Oil and Gas Regulatory Special Task Force (SKK Migas).

ln mid-August, SKK Migas, now led by former Corruption Eradication Commission (KPK) deputy chairman Amien Sunaryadi, started preparations to carry out internal reforms that will be done through the implementation of ISO 37001 anti-bribery management system next year.

Earlier in July, it also signed a memorandum of understanding with the Financial Transaction Reports and Analysis Centre (PPATK) for a joint effort to enhance transparency and prevent money laundering among stake-holders involved in the upstream sector.

"An overhaul at SKK Migas will certainly boost the investment climate and, hopefully, lead to more eflicient cost recovery,”

Jakarta Post, Page-13, Saturay, August 26, 2017

Being a Rente Hunter Target, Rated Premiums Must Be Abolished

Fuel oil (BBM) of premium types assessed should be immediately eliminated. The reason, these fuel products are often the main target of oil and gas mafia. According to a former member of the Oil and Gas Regulatory Reform Team Fahmy Radhi in Jakarta, Friday (25/8), the premium has not been sold in the international market for a long time, so it does not have a benchmark price. Because there is no such international market, so for the procurement of premium, Pertamina must memblending fuel oil (BBM) RON 92, so that the basic price becomes very high.

"The blending method makes the perfect target premium for oil and gas mafia in hunting rent. They mark up, so the Government buys premium at a very expensive price. To be affordable, the Government provides subsidies. So the government must bear the losses, "he said.

Worse yet, the subsidized Premium is smuggled again to Singapore, Malaysia, and Vietnam. Thus, the APBN funds used for the subsidy are robbed by oil and gas mafia in layers.

Elimination of Premium itself, according to Fahmy will not affect the socio-economic aspects. Especially before giving recommendations, the Oil and Gas Governance Reform Team also conducted a study.

The result, that the removal of Premium will not affect the social problem of economi. Because the abolition of RON 88 fuel will not affect the rate of inflation. This is different if the removed is Solar oil which is widely used for transportation and fishing.

"So, the removal of Premium is not a problem at all. Moreover, now Pertamina has issued a Pertalite, "said Fahmy.

Previously, Chairman of the National Oil and Gas Entrepreneurs Association (Hiswana Migas) Jakarta, Jabar, Banten, Juan Tarigan said it would be subject to the government's decision if Premium will later be completely removed.

"We're okay because it's purely business," Juan said.

But so far, Juan admitted there is no signal, either from the Government or Pertamina to reduce and remove the Premium.

"Not all gas stations can sell all BBM Variants. Of gas stations will choose where the most popular fuel. Nowadays people tend to choose Pertalite instead of Premium, "said Juan.

Juan assess, special SPBU is fully managed by individuals (DODO) and managed by individuals and Pertamina (CODO) will definitely choose the type of fuel sold. Meanwhile, Pertamina-managed gas stations (COCO) certainly prioritize services to provide all types of fuel. However, Pertamina is unlikely to allow all gas stations in one region to negate the premium.

IN INDONESIA

Menjadi Sasaran Pemburu Rente, Premium Dinilai Harus Dihapuskan

Bahan bakar minyak (BBM) jenis premium dinilai harus segera dihapuskan. Pasalnya, produk BBM ini sering menjadi sasaran utama mafia migas. Menurut mantan anggota Tim Reformasi Tata Kelola Migas Fahmy Radhi di Jakarta, Jumat (25/8), premium sudah lama tidak dijual di pasar internasional, sehingga tidak memiliki harga patokan. Karena tidak ada di pasar internasional itu pula, maka untuk pengadaan premium, Pertamina harus memblending bahan bakar minyak (BBM) RON 92, sehingga harga pokoknya menjadi sangat tinggi.

“Cara blending tersebut menjadikan premium sasaran yang sempurna untuk mafia migas dalam berburu rente. Mereka melakukan mark up, sehingga Pemerintah membeli premium dengan harga sangat mahal. Agar harganya terjangkau, Pemerintah memberikan subsidi. Sehingga sesungguhnya Pemerintah harus menanggung kerugian,” kata dia.

Parahnya lagi, Premium yang disubsidi tersebut diselundupkan lagi ke Singapura, Malaysia, dan Vietnam. Dengan demikian, dana APBN yang dipergunakan untuk subsidi tersebut, dirampok oleh mafia migas dengan cara berlapis-lapis.

Penghapusan Premium itu sendiri, menurut Fahmy tidak akan berdampak terhadap aspek sosial ekonomi. Apalagi sebelum memberikan rekomendasi, Tim Reformasi Tata Kelola Migas juga melakukan kajian.

Hasilnya, bahwa penghapusan Premium tidak akan berpengaruh terhadap masalah sosial ekonomi. Sebab penghapusan BBM RON 88 tersebut tidak akan mempengaruhi tingkat inflasi. Hal ini berbeda jika yang dihapus adalah minyak Solar yang memang banyak dipergunakan untuk transportasi dan nelayan. 

“Jadi, penghapusan Premium sama sekali tidak masalah. Apalagi, sekarang Pertamina sudah mengeluarkan Pertalite,” kata Fahmy.

Sebelumnya, Ketua Himpunan Wiraswasta Minyak dan Gas Bumi Nasional (Hiswana Migas) Wilayah DKI Jakarta, Jabar, Banten Juan Tarigan mengatakan akan tunduk pada keputusan pemerintah jika nantinya Premium dihapus total. 

“Kita oke saja karena murni bisnis,” kata Juan.

Namun sejauh ini, Juan mengaku belum ada sinyal, baik dari Pemerintah maupun Pertamina untuk mengurangi dan menghapus Premium. 

“Tidak semua SPBU bisa menjual semua Varian BBM. Tentu SPBU akan memilih mana BBM yang paling laris. Saat ini masyarakat cenderung memilih Pertalite daripada Premium,” kata Juan.

Juan menilai, khusus SPBU yang dikelola penuh oleh individu (DODO) dan dikelola individu dan Pertamina (CODO) pasti akan memilih jenis BBM yang dijual. Sedangkan SPBU yang dikelola penuh Pertamina (COCO) tentu mengutamakan pelayanan untuk menyediakan seluruh jenis BBM. Namun Pertamina tidak mungkin membiarkan seluruh SPBU dalam satu wilayah meniadakan premium.

Investor Daily, Page-9, Saturday, August 26, 2017