• Latest
  • Trending
Jokowi summons ministers over formation of oil holding firm

Jokowi summons ministers over formation of oil holding firm

March 1, 2018
Young car enthusiasts spend $7.2 billion a year customizing vehicles

Young car enthusiasts spend $7.2 billion a year customizing vehicles

February 20, 2021
Indonesian billionaire family in the crosshairs of corruption reporting

Indonesian billionaire family in the crosshairs of corruption reporting

February 11, 2021
Greenpeace: A threat to national security?

Greenpeace: A threat to national security?

February 10, 2021
Myanmar’s military takes power detains Suu Kyi

Myanmar’s military takes power detains Suu Kyi

February 2, 2021
Top 20 Hottest African Women

Top 20 Hottest African Women

February 2, 2021
How Africa can benefit from the new commodity super cycle

How Africa can benefit from the new commodity super cycle

February 2, 2021
Moving Israel to CENTCOM: Another Step Into the Light

Moving Israel to CENTCOM: Another Step Into the Light

February 2, 2021
Did Donald Trump Successfully Realign U.S. Global Power and Interests?

Did Donald Trump Successfully Realign U.S. Global Power and Interests?

February 2, 2021
Trump gone, Biden here…and Indonesia?

Trump gone, Biden here…and Indonesia?

January 29, 2021
Moscow: The Navalny riots

Moscow: The Navalny riots

January 26, 2021
Dutch PM condemns riots as ‘criminal violence’

Dutch PM condemns riots as ‘criminal violence’

January 26, 2021
Trump the Swamp Terror warns “We will be Back”

Trump the Swamp Terror warns “We will be Back”

January 26, 2021
citizendaily
  • Asia News
    • Northeast Asia
      • China
      • Japan
    • North Korea
    • Oceania
      • Australia
      • New Zealand
    • South Asia
      • Afghanistan
      • Bangladesh
      • India
      • Pakistan
    • Southeast Asia
      • Indonesia
      • Malaysia
      • Philippines
      • Singapore
      • Thailand
  • World News
    • Africa
    • Europe
      • Germany
      • United Kingdom
    • Latin America
      • Cuba
      • Mexico
    • Middle East
      • Gulf States
      • Iran
      • Iraq
      • Saudi Arabia
      • Syria
    • North America
      • Canada
      • United States
    • Russian Federation
  • Economy
    • Brexit
    • Free Market
  • Politics
    • ASEAN
    • Diplomacy
    • ISIS
    • National Defence & Security
  • Editorial
  • Environment
    • Climate Change
    • Forests
    • Water & Oceans
    • Wildlife & Endangered Species
  • Lifestyle
    • Books & Literature
    • Entertainment
    • Food & Dining
    • Religion
    • Travel
    • Tech
  • Sports
No Result
View All Result
Thursday, February 25, 2021
  • Asia News
    • Northeast Asia
      • China
      • Japan
    • North Korea
    • Oceania
      • Australia
      • New Zealand
    • South Asia
      • Afghanistan
      • Bangladesh
      • India
      • Pakistan
    • Southeast Asia
      • Indonesia
      • Malaysia
      • Philippines
      • Singapore
      • Thailand
  • World News
    • Africa
    • Europe
      • Germany
      • United Kingdom
    • Latin America
      • Cuba
      • Mexico
    • Middle East
      • Gulf States
      • Iran
      • Iraq
      • Saudi Arabia
      • Syria
    • North America
      • Canada
      • United States
    • Russian Federation
  • Economy
    • Brexit
    • Free Market
  • Politics
    • ASEAN
    • Diplomacy
    • ISIS
    • National Defence & Security
  • Editorial
  • Environment
    • Climate Change
    • Forests
    • Water & Oceans
    • Wildlife & Endangered Species
  • Lifestyle
    • Books & Literature
    • Entertainment
    • Food & Dining
    • Religion
    • Travel
    • Tech
  • Sports
No Result
View All Result
citizendaily
No Result
View All Result

Jokowi summons ministers over formation of oil holding firm

March 1, 2018
in Indonesia, Politics, Southeast Asia
0
Home Asia News Southeast Asia Indonesia
Post Views: 391

 

President Joko Widodo has summoned three ministers to demand a report on the plan to form a holding firm for state-owned companies Pertamina and gas distributor PGN. Coordinating Minister for the Economy Darmin Nasution, Finance Minister Sri Mulyani, and Minister of State-Owned Enterprises (BUMN) Rini Sumarno were summoned by the head of state. The president also called the head of the government’s Development Finance Controller Ardan Adiperdana.

“The president called on us — coordinating minister, minister of finance, minister of BUMN, and Mr. Ardan Adiperdana — to explain the plan to merge Pertamina and PGN into an oil and gas holding company,” Mulyani noted after meeting the president at the Presidential Palace here on Wednesday.

The finance minister revealed that the president had sought more detailed information related to the business model of the two state-owned oil and gas companies.

RelatedPosts

Unrealistic growth target

Jokowi Govt’s Second Term to Prioritize Development Programs

Unicorn memes: Tech start-up term baffles Indonesian candidate

Explosion near Indonesian presidential debate was firecracker, not bomb

Resource Nationalism Set to Dominate Indonesian Election Debate

“(The president had asked) whether the synergy is able to have a positive outcome, especially in terms of capital expenditure, to be more efficient and avoid any overlapping investments, which in the end could serve the community by offering more competitive gas prices. We were reporting about it,” she remarked.

Secondly, taking into account the balance sheet, Mulyani revealed that PGN is an open company and has undertaken various investment measures, so the issue lies in how the merger of PGN and Pertamina can be managed.

“What needs to be decided is if Pertamina will become the shareholder. How this synergy can generate a return on equity and return on maximal assets, so that the shareholders, especially public shareholders, will benefit from this corporate decision,” the minister noted.

Mulyani also revealed that the BUMN minister had highlighted the benefits of establishing synergy, particularly with regard to capital spending, efficiency, return on investment, and the strongest balance sheet of PGN that will be positive for Pertamina.

“Hence, the point is that the president’s hopes this corporate decision turns out to be good for state-owned firms in improving their balance sheet and governance, creating performance efficiency, and also having a positive impact on the community,” she stated.

Mulyani also termed this as a corporate measure to drive the service side and gas procurement for the economy in order to get a competitive price.

“Hence, it is good for society and the economy, but it will also have a positive impact on the corporation and balance sheet,” she noted.

Speaking in connection with the shareholders’ public meeting of Pertamina and PGN, Mulyani revealed that following the signing of the Presidential Regulation by the president, the meeting will be held by the shareholders of both state-owned firms.

“However, we still maintain and respect the companies’ governance, especially since PGN is a listed company. Hence, it can give a positive signal that this is a viable corporate decision,” she explained.

BUMN Minister Sumarno noted that the merger of both state-owned oil and gas companies is expected to ensure more efficient capital spending.

“Our service to the community will improve with efficient investment. Thus, we can reach out to more customers, and more of them can enjoy the cheap price of gas. This is what we hope to accomplish,” Sumarno noted.

The state-owned firm minister also remarked that the shareholders’ public meeting of the two firms will be held after an approval from minority shareholders.

“It will likely be in the end of March or the start of April after the Presidential Regulation is signed by the president,” she added.

Source :
Republika
Tags: Darmin NasutionPresident Joko WidodoRini SumarnoSri Mulyani
Previous Post

Indonesian Military Receives 24 F-16 Fighter Jets From the US

Next Post

IMF boss not visiting to offer loans, finance minister says

Related Posts

Young car enthusiasts spend $7.2 billion a year customizing vehicles
Asia News

Young car enthusiasts spend $7.2 billion a year customizing vehicles

February 20, 2021
Indonesian billionaire family in the crosshairs of corruption reporting
Asia News

Indonesian billionaire family in the crosshairs of corruption reporting

February 11, 2021
Greenpeace: A threat to national security?
Climate Change

Greenpeace: A threat to national security?

February 10, 2021
Myanmar’s military takes power detains Suu Kyi
ASEAN

Myanmar’s military takes power detains Suu Kyi

February 2, 2021
How Africa can benefit from the new commodity super cycle
Asia News

How Africa can benefit from the new commodity super cycle

February 2, 2021
Moving Israel to CENTCOM: Another Step Into the Light
Asia News

Moving Israel to CENTCOM: Another Step Into the Light

February 2, 2021
Next Post
IMF boss not visiting to offer loans, finance minister says

IMF boss not visiting to offer loans, finance minister says

Translate

Subscription

Popular Post

Young car enthusiasts spend $7.2 billion a year customizing vehicles
Asia News

Young car enthusiasts spend $7.2 billion a year customizing vehicles

February 20, 2021
0

    London (19/2 – 40). With reporting from BPT. For many car owners, their vehicle is an extension of their...

Read more

NGOs call for mass boycott of palm oil giant IOI

June 29, 2016
No peace for Greenpeace

No peace for Greenpeace

July 1, 2016

The Case Against Greenpeace

July 1, 2016
Children in ISIS Nusantara Media Outreach

Children in ISIS Nusantara Media Outreach

July 2, 2016
  • About Us
  • Creative Commons
  • Privacy Policy
  • Terms & Conditions
  • Disclaimer
  • Contact Us

Topics

Follow Us

About Us

citizendaily.news is part of the citizen Daily Media Group LLC, which delivers daily news around the globe. ​

© 2012 The Citizen Daily

No Result
View All Result
  • Asia News
    • Northeast Asia
      • China
      • Japan
    • North Korea
    • Oceania
      • Australia
      • New Zealand
    • South Asia
      • Afghanistan
      • Bangladesh
      • India
      • Pakistan
    • Southeast Asia
      • Indonesia
      • Malaysia
      • Philippines
      • Singapore
      • Thailand
  • World News
    • Africa
    • Europe
      • Germany
      • United Kingdom
    • Latin America
      • Cuba
      • Mexico
    • Middle East
      • Gulf States
      • Iran
      • Iraq
      • Saudi Arabia
      • Syria
    • North America
      • Canada
      • United States
    • Russian Federation
  • Economy
    • Brexit
    • Free Market
  • Politics
    • ASEAN
    • Diplomacy
    • ISIS
    • National Defence & Security
  • Editorial
  • Environment
    • Climate Change
    • Forests
    • Water & Oceans
    • Wildlife & Endangered Species
  • Lifestyle
    • Books & Literature
    • Entertainment
    • Food & Dining
    • Religion
    • Travel
    • Tech
  • Sports

© 2012 The Citizen Daily