Pertamina Task Force Team Ready to Guard Tenders and Strategic Project Partnerships  

Jakarta, October 6, 2020 – To ensure tenders, strategic project negotiation, and investor exploration to run faster and simultaneously, PT Pertamina (Persero) prepares Investor/Contractor Tender and Negotiation Task Force (Satgas TNIC) structure. It is composed of the Investment Holding Team, related Investing Subholding Team, and the Committee of Investment for Commissioners.

SVP of Corporate Communication & Investor Relations of Pertamina, Agus Suprijanto, explained that the formation of the TNIC Task Force is following the results of the joint meeting of the Directors with the Board of Commissioners (5/10/2020). Regarding the acceleration of Pertamina's strategic project from the upstream, refinery, and downstream of oil and gas, especially in the tender process, negotiation, and collaboration exploration with national or internasional partners are competent and credible.

Agus said the Task Force involves the Board of Commissioners and President Director of Pertamina with the Audit Committee and Internal Audit as the Supervisory Board. Meanwhile, the Executive Board is led by the Director of Strategy, Portfolio & Business Development (SPPU), assisted by the Director of Finance and the President Director of Subholding Upstream, Refinery & Petrochemical. It also involves the Investment Committee in the Commissioner.

"At the operational level, the Task Force is also strengthened by a Working Team and Support Team at the management level who will carry out their functions and roles following the direction of the Supervisory Board and Executive Board," he added.

Furthermore, Agus explained that with the TNIC Task Force, it would cut the decision-making process, in which the Holding Subholding and the Commissioner organs would jointly carry out the process of selecting strategic partners.

This team, continued Agus, will also review a strategic partnership plan for the Rokan Block, following the Minister of Energy and Mineral Resources Decree No. 1923 K/10/10/MEM/2018. Pertamina is obliged to cooperate with partners (Business Entities or Permanent Establishments) who have the ability in the upstream oil and gas sector according to business practices before the transfer of management on August 8, 2021.

"Therefore, Pertamina will start conducting exploration and is targeted to have a list of potential strategic partners by the end of 2020," said Agus.

Regarding refinery development, the Task Force Team will also ensure cooperation with strategic partners. Later, Pertamina and strategic partners will jointly carry out refinery development, including the development of TPPI Olefins.

"With the presence of the Task Force, it is hoped that coordination and communication with all components of the company will be more effective and efficient. Therefore, decision making will be faster, and competent and credible domestic and international partners and investors will be obtained. The process will also be more open because it involves the strict supervision of the Board of Commissioners and Directors," he concluded.**