- VIVAnews/Anhar Rizki Affandi
VIVAnews – The Reforminer Institute figured that PT Pertamina’s receivables of Rp21.15 trillion from three government institutions may hamper the company’s step into becoming a world's top energy company by 2015.
Deputy Director of Reforminer Institute, Komaidi Notonegoro, said Pertamina’s receivables are mostly from the downstream sector.
The Indonesian state oil and gas company was left behind Malaysia's Petronas as it also distributes subsidized fuel.
"On the one hand, Pertamina is expected to expand in the upstream sector, but it has to serve as public service obligator in the downstream sector,” Komaidi told VIVAnews on Sunday.
Ministry of State-Owned Enterprises said the government’s debt to Pertamina has reached Rp21.15 trillion, higher than Pertamina’s profit in 2011 of only Rp20.5 trillion.
From the Ministry’s record, the receivables consisted of reimbursement of a certain type of subsidized fuel of Rp2.92 trillion, a reimbursement of kerosene to LPG conversion program of Rp8.43 trillion, and the Indonesian Military/Police receivables for selling fuel of Rp9.80 trillion.
A similar opinion is also expressed by Head of BP Migas, Raden Priyono. He said Pertamina has its privileges in each block, where Pertamina’s oil split is greater than other oil & gas companies of 60:40. However, it did not help Pertamina grow due to the burden from the downstream sector.
“Pertamina has too much burden, both upstream and downstream,” said Priyono to VIVAnews some time ago.
Komaidi and Priyono suggested that the government separate the downstream and upstream businesses in Pertamina. The downstream business should not be managed by Pertamina, so the company can focus on developing the upstream sector.
However, Komaidi said that if it is not possible, the government should be consistent. If Pertamina is required to maintain the fuel supply for 23 days or more, there should be a profit calculation for the service. “Fuel payment has oftentimes been booked as receivables and caused problems for the company’s cash flow,” he said.
Vice President of Pertamina’s Corporate Communications, Ali Mundakir, acknowledged that the issue on receivables has been in place for years. Yet, he said, it will not affect Pertamina’s financial performance.
