Continuing Restructurization, Pertamina Receive Positive Achievements
Jakarta, July 16, 2021 - The restructuring of Pertamina since June 2020 has begun to show positive benefits with the company's operations running smoothly and recording positive performance. Even amidst the Emergency Restrictions on Micro-Scale Community Activities, all Pertamina's business lines remain fully operational.
The restructuring also does not prevent Pertamina from carrying out various Government assignments and continuing strategic projects according to plan. In Quarter 1 (TW1) 2021, in the upstream sector, Pertamina's Upstream Subholding recorded Oil and Gas production of 861 thousand barrels of oil equivalent per day (MBOEPD). Since 2021, Upstream Subholding has also added 1P reserves up to 120% and additional 2C resources by 143% from the 2021 Budget Plan and Corporate Target (RKAP) target.
In the processing sector, Subholding Refining & Petrochemical (R&P) has also optimized the refinery by producing high-value products with the Crack Spread movement. The Yield Valuable Products reached 101.1% of the 2021 RKAP target. In terms of refinery reliability against planning, as seen in the Plant Availability Factor (PAF), it increased by almost 100%.
In the downstream sector, Subholding Commercial & Trading also recorded positive operational achievements. Through the One Fuel Price Program, this downstream sector subholding has added 20 new outlets in the 3T area. The One Village One Outlet retail network development program is 59,218 or 101% of the 2021 RKAP. Through Pertamina One, Downstream sector operations are also supported by Pertamina's product integration portfolio as a market penetration force.
In anticipating the energy transition era, Subholding Power & New and Renewable Energy (PNRE), which plays a role in supporting the development of New and Renewable Energy, also recorded a positive performance. In 2021, it increased the total installed capacity of 2,484 Mega Watts from the existing business portfolio Geothermal, Gas for generators, and NRE. Electricity production also increased from 4.7 GW to 5.5 GW cumulatively in March 2021.
"The positive performance in the transition period is the result of the delegation of execution authority given to the Subholding to accelerate operational and business processes. With the formation of Subholding, the organization is more focused, lean, agile, efficient, and it streamlined decision making," said Fajriyah Usman, Acting Senior Vice President Corporate Communication of PT Pertamina (Persero).
According to Fajriyah, the transition process is also running on the administration's legal aspects. In July 2021, Pertamina has also harmonized regulations, administrative documents, documents for legal aspects to prepare government inauguration for all Subholdings.
"Pertamina's restructuring will continue by carrying out a transition and transformation process, both at the holding and subholding levels to reach the target market value of $100 billion in 2024," said Fajriyah.**