TEMPO.CO, Jakarta - Pertamina acting (Plt) president director Nicke Widyawati asserted that the state-run oil company had no intent on selling its assets.
“It is actually not letting go of our assets, it’s handing participating interests (PI), which is a stark contrast to letting go of assets,” said Nicke at the Presidential Palace on Friday, July 20.
She explained that letting go of participation rights, which is sharing the rights and responsibility between contractors and its partners, did not mean selling the company’s assets, and that Pertamina’s shares in upstream oil and gas projects would not change.
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Nicke further explained that partners would receive equal rewards corresponding to the scale of the project. She explained it was a common practice in the upstream industry and that rumors that Pertamina was set to sell its assets was pure misunderstanding.
Earlier, State Owned Enterprises Minister Rini Soemarno issued a letter allowing Pertamina to conduct a study on a possible share down of its upstream and downstream assets.
The letter suggests that Minister Rini principally concurred with Pertamina board of directors to take steps to stem the company’s financial issues.
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