Government Disbursement for Fuel Price Disparity Compensation Boosted Pertamina's Balance in Q4 2024: USD 1.02 Billion
Dear valued investors,
We are pleased to announce that at the end of December 2024 PT Pertamina (Persero) has received compensation, amounting to around IDR 16.50 trillion or USD 1.02 billion (based on the Bank Indonesia year end middle rate). This compensation fund is approximately 51% of the receivable value in 3rd quarter 2024 and covers the price difference between the formula price and the retail price at gas stations for the distribution of JBT Diesel and JBKP Pertalite, that has been reviewed by the Financial and Development Supervisory Agency (BPKP).
PT Pertamina (Persero) once again expressed its gratitude towards the Government, particularly the Ministry of Finance, for expediting the payment of fuel compensation funds. These compensation payments demonstrate the government’s strong support for Pertamina in fulfilling its role of providing energy throughout the country.
Pertamina's Finance Director, Emma Sri Martini, announced that Pertamina has received part of the fuel compensation funds for the 3rd quarter of 2024 from the Government through the Ministry of Finance.
"We sincerely appreciate and thank the Government, particularly the Ministry of Finance, the Ministry of State-Owned Enterprises, and the Ministry of Energy and Mineral Resources, for their support to the company by expediting the disbursement of 3rd quarter 2024 fuel compensation funds by Pertamina at the end of 2024. The receipt of these compensation funds will strengthen Pertamina's financial liquidity to be used to support Government programs and ensure energy availability throughout Indonesia. Pertamina expecting that part of the receivable compensation funds can be received soon in 2025, along with Q4 2024 compensation funds which is being reviewed by Inspectorate General of Ministry of Finance." stated by Emma.
Emma also stated that Pertamina will continue to support the new Government aims to achieve energy self-sufficiency and prioritize energy resilience, availability, and sustainability, and provide energy through innovative solutions that bring value to society. Through a dual-growth strategy designed to strengthen Indonesia's energy security, Pertamina will also remain steadfast in developing low-carbon business for Indonesia’s energy transition.
Best regards,
Pertamina Investor Relations