PARENT OF OIL AND GAS BUSINESS : PGN Launches Pertamina officially

company
Politics & Economic
News Flash Indonesia
Nov 14, 2018
2536
The formation of the parent company of SOE oil and gas almost certainly immediately done ramadhan following Government Regulation no. 6/2018 on the Establishment of BUMN Migas. In an offer set and enacted on February 28, 2018, all state-owned Series B shares in PT Perusahaan Gas Negara (Persero) amounting to 57.3% were transferred to PT Pertamina (Persero). Even so, the state still oversees PGN through the ownership of the series A dwiwarna share.
The existence of the transfer of shares makes PGN no longer persero status. Pertamina will also become a shareholder of PGN. Deputy for Mining Business, Strategic Industries, and Ministry of Media State-Owned Enterprises Fajar Harry Sampurno said the next step after PP. 6/2018 issued is the determination of the value of shares transferred by the Minister of Finance. After that, the Minister of State-Owned Enterprises performs the deed of transfer and inaugurates the holding company (holding) of oil and gas. PGN also no longer need to conduct general meeting of shareholders (AGM) because it has got approval of GMS which was held on January 25, 2018. Only Pertamina need to hold a GMS.
Later, Pertamina will prepare a strategic sub-holding under oil and gas holding. There are four sub-holdings, sub-holding upstream, sub-holding processing, sub-holding marketing, and sub-holding gas. Especially for gas sub-linging, Pertagas, a subsidiary of Pertamina, will join PGN. The merging process is still done by the transition team. Director of Investment and Mining Management of Pertina Gigih Prakoso said the AGM will be held soon to realize the formation of oil and gas holding. The GMS is scheduled to be held this month. The process will be implemented after valuation of stock value.