Pertamina

PT Pertamina (Persero) or Pertamina (was Perusahaan Pertambangan

PT Pertamina (Persero)
Minyak dan Gas Bumi Negara, lit. 'State Oil and Natural Gas Mining
Company') is an Indonesian state-owned oil and natural gas corporation
based in Jakarta.[2] It was created in August 1968 by the merger of Pertamin
(established 1961) and Permina (established 1957). The firm is currently
(2013) the second-largest crude oil producer in Indonesia behind the US- Type State-owned enterprise
based Chevron Pacific Indonesia.[3] In 2013 for the first time, Pertamina Industry Oil and gas
ranked no. 122 in the Fortune Global 500 list of companies with revenues Founded 10 December 1957
totalling to $70.9 billion,[4] Pertamina is also the sole Indonesian company
Headquarters Jakarta, Indonesia
to be featured in the list.[5]
Key people Nicke Widyawati (Act.
CEO)
Tanri Abeng (President
Contents commissioner)
Products Fuels, lubricants,
History
petrochemicals
Nationalization
The 1970s Revenue $36.5 billion (2016)[1]
Since the 1980s Operating $8.5 billion (2016)[1]
President directors income
Facilities Net income $5.0 billion (2016)[1]
Refineries Total assets $47.2 billion (2016)[1]
Gas stations
Total equity $22.1 billion (2016)[1]
Bright Convenience Store
Number of 27,318 (2016)[1]
Subsidiaries
employees
Products
Subsidiaries Perusahaan Gas
Financial summary Negara
Sports sponsorships www.pertamina.com (h
Website
References ttp://www.pertamina.co
External links m)

History

Nationalization
In 1957, Dutch assets in petroleum were nationalised, from which Permina was founded as a state-owned oil monopoly, headed
by Lieutenant-General Ibnu Sutowo.[6] Ibnu Sutowo's position as the second deputy of Abdul Haris Nasution was the beginning
of the army's involvement in the oil industry.[7] Permina distributed oil for the entire archipelago.

Permina founded the Apprentice Technical School (Sekolah Kader Teknik) in Brandan to train and produce experts in the field. To
meet this goal Permina established the Oil Academy in Bandung in 1962. Oil Academy's curriculum pertains to the technical
aspects of the oil industry, and the graduates became the main forces of Pertamin (which later transformed to Pertamina).
In 1960, the Congress enacted a policy that the mining of Indonesian oil and ground gases are only permitted for the state,
through a state-administered company. Pertamin, established in 1961, was responsible for the administration, management and
controlling of the exploration and production. The policy was short lived. An agreement between the state and foreign companies
was affirmed that gradually, oil refinery manufactures and other assets in marketing and distribution were to be sold to Indonesia
within five to fifteen years.

In 1968, to consolidate oil and gas industry for its management, exploration, marketing and distribution, Permina and Pertamin
merged and became PN. Pertamina. It continued to do little drilling itself, but made production-sharing agreements with foreign
companies.

The 1970s
After the merge, Pertamina's production rose considerably (about 15% each in 1968 and 1969, and nearly 20% in 1973).[8] By the
end of 1973, it directly produced 28.2% of Indonesia's oil, with agreements of Caltex and Stanvac to produce the rest (67.8% and
3.6%, respectively). Its assets included seven refineries, oil terminals, 116 tankers, 102 other vessels and an airline. It was also
active in cement, fertiliser, liquid natural gas, steel, hospitals, real estate, a rice estate, and telecommunications.

The 1974 oil price increases produced revenues of $4.2 billion in that year, equivalent to approximately one sixth of Indonesia's
gross domestic product. Much of this revenue was used by Sutowo to expand Pertamina's interests far beyond oil production to
include investments in oil tankers, steel and construction.[9] Pertamina built the Bina Graha, the presidential executive office
building in Jakarta.[10] The global oil crisis of the 1970s greatly increased oil prices and profits. Pertamina initially provided a
fiscal lift to the hopes of Indonesia's development planners.

For President Suharto and other members of the ruling elite revenue from Pertamina was "an ongoing source of funding" without
accountability. "They ran this cash-cow into the ground, using it for both military and personal ends."[11] Historian Adrian
Vickers describes the endemic corruption at Pertamina:

At each stage of the transaction chain somebody was getting a percentage... If accidents occurred, as in 1972
when eighty impoverished people died... they could be covered up.[12]

In 1973, the government's ability to borrow money from overseas was

constrained, and Pertamina was no longer providing revenues to the state.
Instead, the massive enterprise turned out not to be making money, but
compiling exponentially large losses. In February 1975, Pertamina could no
longer pay its American and Canadian creditors.[13] An investigation followed,
which revealed over US$10 billion in debts, mismanagement, and corruption
within the company. This debt was equivalent to approximately thirty percent of
Indonesia's GNP at the time.[14] Others offer a figure of a $15 billion debt.[15] A
Fokker F.27 Series 200 Friendship of
public investigation hurt the reputation of the national elite both among
Pertamina used for transport of
Indonesians and foreigners. The charges against Ibnu Sutowo were dismissed. employees and equipment during the
Ibnu Sutowo and his family were among the richest and most powerful in 1970s
Indonesia, into the 21st century.[11] The government took over the operation of
the company and sought means by which to repay its debts.[10] Pertamina's debt
problems were eventually solved through a large government bail-out, which nearly doubled Indonesia's foreign debt.[14]

Since the 1980s

Human rights observers have long expressed concerns about Indonesia's hostility to labour unions. According to the
Multinational Monitor: "In 1985, the government ordered the firing of over 1,600 workers at Pertamina and foreign oil
companies, charging that they had been members of the Indonesian Communist Party, which had been banned 19 years earlier
when Suharto took power." [16]

In 2003 Pertamina legally became PT. Pertamina (Persero), as per the enactment of Government Regulation No.31/2003.
Pertamina is now under the coordinator of the State Minister of State-owned Enterprises.

Like other contractors, Pertamina holds Cooperation Contract to the Oil and Gas Regulatory Body. With its transformation into a
limited liability company, Pertamina has become a business entity with the main target of making a profit.

President directors
During the 1970s, until 1976, the president director of Pertamina was Ibnu Sutowo, a well-known figure in Indonesia. Since then,
there have been a number of president directors. Recent president directors have included the following:

No Name Begin End

1 Soegijanto 1996 1998
2 Martiono Hadianto 1998 2000
3 Baihaki Hakim 2000 2003
4 Ariffi Nawawi 2003 2004
5 Widya Purnama 2004 2006
6 Ari Hernanto Soemarno 2006 2009
7 Karen Agustiawan 2009 2014
8 Dwi Soetjipto 2014 2017
9 Elia Massa Manik 2017 2018
10 Nicke Widyawati 2018 present

Soegijanto (1996 to 1998).

Martiono Hadianto (1998–2000). Before his appointment as president director of Pertamina, Martiono was briefly Finance
Director of the state-owned airline company Garuda Indonesia[17]

Baihaki Hakim (2000–2003). Baihaki was formerly president of Chevron Texaco's subsidiary in Indonesia PT Caltex Pacific
Indonesia. He was appointed as president director of Pertamina by president Abdurrahman Wahid in 2000. Subsequent to his
resignation in 2003, there was controversy surrounding decisions taken in Pertamina during his period as president director
concerning the purchase of giant tankers for the transport of oil.[18]

Ariffi Nawawi (2003–2004).

Widya Purnama (2004–2006). Widya Purnama was appointed from outside of the energy sector, formerly having been president
(since 2002) of the Indonesian telecommunications company PT Indosat.

Ari Hernanto Soemarno (2006 – 2009).

Karen Agustiawan (2009–2014). In February 2009 it was announced that Karen Agustiawan would become president director of
Pertamina for a five-year term.[19] Her appointment was extended in 2013.[20] She resigned for unannounced reasons in August
2014. It was said at the time that she had plans to teach in Harvard University in the United States.[21]
Dwi Soetjipto. In November 2014, the new president of Indonesia Joko Widodo announced a major reorganisation of the board
of Pertamina as part of a series of reform measures for the energy sector. A new president director, Dwi Soetjipto, was appointed
along with a number of new members to the board. The appointment of Dwi Soetjipto, previously president director of the major
state-owned cement firm PT Semen Indonesia, attracted media attention because unlike most previous president directors of
Pertamina, he had little previous experience in the oil sector.[22]

Elia Massa Manik. In March 2017, after Soetjipto was dismissed due to leadership issues, the Board appointed Manik who had
served as president director of Elnusa, a Pertamina subsidiary, from 2011 to 2014. He then spent a period as the CEO of PT
Perkebunan Nusantara (PTPN) III, the holding company of 14 state-owned agriculture firms.[23]

Nicke Widyawati. In late August 2018, it was announced that president Jokowi had decided that Nicke Widyawati, who had
been acting president director since March, would be confirmed in the position of head of Pertamina. The decision was
announced at a press conference in the Ministry for State-Owned Enterprises on 29 August.[24]

Facilities

Refineries
Pertamina has not built any new refineries since the Balongan refinery was opened
in West Java in the mid-1990s.[25]

PTT Public Company Limited and Pertamina signed into partnership to build a new
petrochemical complex in Indonesia for an estimated cost of US $4 to 5 billion.[26]

Currently (2013) Pertamina owns six oil refineries which have a total combined
capacity of around 1 million bopd (barrels of oil per day):[27] Pertamina gas station in
Indonesia
Pertamina: Refineries in Indonesia
Refinery Capacity
No Unit Unit Province thou
(RU) bopd
1 RU II Dumai Riau 127
South
2 RU III Plaju (Musi) 127
Sumatra
Central
3 RU IV Cilacap 348
Java
East
4 RU V Balikpapan 260
Kalimantan
5 RU VI Balongan West Java 125
West
6 RU VII Kasim/Sorong 10
Papua
Total 997

Source:Indonesian Ministry of Energy and Resources, 2012 Handbook of Energy and Economic Statistics of Indonesia (https://web.archive.org/web/201
30415150132/http://esdm.go.id/publikasi/handbook-of-energy-a-economics-statistics-of-indon-handbook-of-energy-a-economics-statistics-of-indon-.htm
l).
(Note. By world standards, none of Indonesia's refineries are large. The world's largest refinery, at Jamnagar in India, has a production capacity of over
1,200,000 bopd. As a rule of thumb, refineries need to produce at least 200,000 bopd to reach reasonable international standards of efficiency.)[28]
There are several other refineries in Indonesia which Pertamina has responsibilities for:

Other Refineries in Indonesia

Capacity
No Unit Province thou
bopd
Sungei
1 Riau 50
Pakning
Pangkalan North
2 5
Brandan Sumatra
Central
3 Cepu 4
Java
Tuban East
4 100
(TPPI)[29] Java

Source:Indonesian Ministry of Energy and Resources, 2012 Handbook of Energy and Economic Statistics of Indonesia (https://web.archive.org/web/201
30415150132/http://esdm.go.id/publikasi/handbook-of-energy-a-economics-statistics-of-indon-handbook-of-energy-a-economics-statistics-of-indon-.htm
l).

In addition to the refineries which Pertamina owns, Pertamina has invested in two operating companies which manage output
from LNG plants.

PT Badak LNG operates a plant in Bontang, East Kalimantan, with 8 trains having a total capacity of 22.5 million
tons per annum.
PT Donggi Senoro LNG in Uso Village, Batui Subdistrict, Banggai Regency, Central Sulawesi Province, with 1
train with a capacity of 2 million tons per annu.[30]
Pertamina also invested in the PT Arun 6 LNG trains near Lhokseumawe, Aceh, which had a total capacity of 12.5 million tons
per annum. They closed down due to lack of feed gas in 2014, and now Arun is used an LNG import terminal.[31]

During 2012 and early 2013, it was announced several times that there were plans to build two more large fuel refineries, each
with a capacity of around 300,000 bopd, perhaps in Balongan, West Java (or, alternatively, in Bontang, East Kalimantan) and in
Tuban, East Java. The first facility was planned to be built by Pertamina in partnership with Kuwait Petroleum, while the second
was expected be built by Pertamina in co-operation with Saudi Aramco. Total investment was expected to be around $20
billion.[32] One main problem holding up agreement to build the refineries was the issue of financial concessions to be provided
for the foreign investors.[33] Eventually, in September 2013 it was announced that the plans for the first refinery had been
cancelled. At the same time, the government said that there were plans for yet a different refinery project which would be
constructed solely by Pertamina and funded by the state. The crude oil for this alternative project was expected to be supplied
from Iraq.[34] Pending further progress on these large investment plans, Pertamina has announced (late 2014) plans to upgrade the
existing refineries so as to add around 500,000 bopd to Pertamina's current refining capacity of around 1 million bopd.[35]

Pertamina also has two gas reserves and a petrochemical company. Pertamina's products include a great variety of fuels,
chemicals, additives, and retail products.

Gas stations
Pertamina is the largest distribution network of petroleum products (gas stations, etc.) in Indonesia.

Bright Convenience Store

Along with the gas stations, Pertamina also has a convenience store chain, integrated with their gas stations. The development of
Bright convenience stores and cafes is self-governed by PT Pertamina Retail.[36]

Subsidiaries
These are 27 subsidiaries of Pertamina based on Pertamina Annual Report 2016[37].

Pertamina EP
PT Pertamina EP (PEP) is engaged in managing the upstream oil and gas production through a more manageable exploration and
exploitation activities. Adding to that, PEP has been undertaking other supporting businesses, which have been intended to back
up the main business directly or indirectly.

Presently, Pertamina EP production level for oil is around 127,635 throusand barrel oil per day (BOPD) and around 1,054 million
standard cubic feet per day (MMSCFD) for gas.

Pertamina EP Working Areas of 140.000 km2 were once largely PT Pertamina (Persero)’s Oil and Gas Mining Authority Zone.
The working areas are managed through own operation and partnership co-operation.

Pertamina EP Working Areas consist of five assets. The operation of those assets comprise 19 Field Areas, namely Rantau,
Pangkalan Susu, Lirik, Jambi and Ramba in Asset 1, Prabumulih, Adera, Limau and Pendopo in Asset 2, Tambun, Subang and
Jatibarang in Asset 3, Cepu in Asset 4 as well as Sangatta, Sangasanga, Bunyu, Tarakan, Tanjung and Papua in Asset 5.

Beside the management of working areas as stated earlier, other business patterns include management through projects, such as
Pondok Makmur Development Project in West Java, Paku Gajah Development Project in South Sumatera, Jawa Gas
Development Project in Central Java, and Matindok Gas Development Project in Central Sulawesi.

Pertamina Gas
Pertamina established PT Pertagas on 23 February 2007, and it became PT Pertamina Gas in 2008. The company undertakes gas
transportation, trading and processing. In the gas transmission business, Pertamina owns a gas pipeline network with a total
volume of 34,000 km-inches in Northern Sumatra, Central Sumatra, Southern Sumatra, Western Java, Eastern Java, and East
Kalimantan

In January 2009, PT Pertamina Gas obtained a Transportation Permit and in February 2009, it received an exclusive right from
BPH Migas for gas transportation along 43 transmission routes. These permit and exclusive rights complemented the business
permit that had been issued previously (in September 2008). By obtaining a business license and special rights, PT Pertamina Gas
now has a regulatory basis to play the principal role in the gas business in Indonesia.

Pertamina Geothermal Energy

PGE was founded on 12 December 2006. This Pertamina subsidiary carries out geothermal exploration and exploitation in 15
working areas (WKP) in Indonesia, namely: Sibayak-Sinabung, Sibual-buali–Sarulla, Sungai Penuh-Sumurup, Tambang Sawah-
Hululais, Lumut Balai, Waypanas-Ulubelu, Cibereum-Parabakti, Pengalengan (Patuha-Wayang Windu), Kamojang-Darajat,
Karaha-Telagabodas, Dieng, Iyang-Argopuro, Tabanan-Bali, Lahendong-Tompaso and Kotamobagu.

Pertamina EP Cepu
PEP Cepu, which was established on 14 September 2005, is a subsidiary of PT Pertamina (Persero) that focuses on the upstream
oil and gas business. In the Cepu Block, Pertamina has a 45% interest in partnership with Mobil Cepu Ltd (as the operator) and
the Regional Owned Enterprise (BUMD) that manages the KKS for the Cepu Block.

Pertamina Drilling Services Indonesia

PT PDSI was established on 13 June 2008 as a drilling service management business entity. The services provided comprise
drilling, workover activities, and drilling services that use a Daily Rate and Integrated Drilling Management (MPT) system for
oil, gas, and geothermal wells.

Presently, PT PDSI owns 34 drilling rigs (28 owned by PT PDSI and 6 transferred from PT Usayana)

Pertamina Hulu Energy

PHE is one of the Upstream Directorate subsidiaries working in the oil and gas upstream business, and is also an upstream
business vehicle for managing the domestic and overseas co-operation portfolio in the form of: Production Sharing Contracts
(PSC), Joint Operating Body-Production Sharing Contracts (JOB-PSC), Indonesian Participating / Pertamina Participating
Interests (IP/PPI) and Badan Operasi Bersama (BOB). PHE’s overseas working areas covered: Western Desert Block 3,Iraq;
Block 10&11.1, Offshore South Vietnam; Block SK-305, Offshore Sarawak, Malaysia; Sabratah 17-3 Block, Offshore Libya;
Sirte 123-3 Block, Libya; Block 13, Red Sea, Offshore Sudan; Block-3, Offshore Qatar; and Basker Manta Gummy Block,
Australia.

Pertamina Internasional EP
Pertamina Internasional Eksplorasi dan Produksi (PIEP) is established on 18th November 2013, based on the need for an
international asset management that is focused on overseas assets of PT Pertamina (Persero).[38]

Pertamina EP Cepu ADK

PT Pertamina EP Cepu ADK hereinafter referred to as PEPC ADK was established on August 15, 2013 in order to manage Fields
of Alas Dara and Kemuning (ADK). Following the prevailing rules and legislation in the Ministry of Energy and Mineral
Resources, the PSC between SKKMigas and PEPC ADK was signed on February 26, 2014. PEPC ADK is the operator of Alas
Dara and Kemuning, located in Blora, Central Java, which was previously operated by Mobil Cepu Ltd. (MCL). In line with the
commitment to the Government, PEPC ADK shall conduct Well Re-entry, Perform G&G Study, GGR Study, and exploration
drilling. Since established, the PEPC ADK has never changed its name. [39]

ConocoPhillips Algeria Ltd

ConocoPhillips Algeria Ltd. owns three onshore oil fields. The company is based in Algeria. As of November 27, 2013,
ConocoPhillips Algeria Ltd. operates as a subsidiary of PT Pertamina (Persero).[40]

Pertamina Power Indonesia

Pertamina Patra Niaga

Pertamina Trans Kontinental

Pertamina Retail

Pertamina Lubricants

Pertamina Internasional Shipping

Pertamina Training & Consulting

Patra Jasa

Tugu Pratama Indonesia

Pertamina Bina Medika

Pelita Air Service

Pertamina Dana Ventura

Elnusa, Tbk.
 Pertamina Internasional Timor S.A.

Pertamina Hulu Indonesia

Pertamina East Natuna

Pertamina Energy Trading Limited

Pertamina E&P Libya

Products
There are various PERTAMINA products consisting of fuel (BBM), non-fuel, gas, petrochemical products, and lubricants.[41]

Fuel (BBM) Special Fuel

Fuel Products: Special Fuel products :

Kerosene Aviation Gasoline

HSD (High Speed Diesel) Aviation Turbine Fuel
MDF (Marine Diesel Fuel) Bio Solar
MFO (Marine Fuel Oil) Pertalite (RON 90)
Motor Gasoline (Such As : Premium 88 and Bio Pertamax (RON 92 + E5)
Solar) Pertamax (RON 92)
Pertamax Plus (RON 95)
Pertamax Turbo (RON 98)[42]
Pertamax Racing (RON 100)
Pertamina Dex (Diesel)
Dexlite

Non-Fuel (Non-BBM) Lube Base Oil Gas

Non Fuel Products : Provides information of PERTAMINA’s Gas products include

Lube Base Oil Products based on their
Asphalt function:
LPG (Liquefied Petroleum
Calcined Coke Gas)
Green Coke Automotive Gear Oil Gas Fuel (BBG)
Heavy Aromate Circulating Oils Musicool (Substitute
Heavy Duty Diesel Engine refrigerant for CFC, with
Paraffin Wax
Oils low pollution and
Pelarut (Solvent) environmentally friendly)
Pelumas (Lube Base Oil) Industrial and Marine
Engine Oils
Slack Wax
Industrial and Hydraulic Petrochemical
Oils
Passenger Car Oils PolyPropylene
Powershift Transmissions
and Heavy Equipment
Hydraulic Oils
Refrigerating Oils
Two Stroke Gasoline
Engine Oils
Financial summary
Pertamina: Summary balance sheet as at 31 December 2016

Assets $ bill Liabilities and equity $ bill

Current 16.2 Short-term liabilities 8.1
Non-current 31.0 Long-term liabilities 17.1
Total liabilities 25.2
Equity 22.1
Total 47.2 Total 47.2

2016 data:

Total sales: $36.5 billion

Gross profit: $8.5 billion
Net profit: $3.2 billion
Source: Pertamina website, Annual Reports.

Sports sponsorships
Rio Haryanto, Indonesia's first Formula One driver, was sponsored by Pertamina throughout his junior career and played a pivotal
role in securing his drive with the Manor Racing team in 2016. The company also sponsors Formula Two team Arden through its
Indonesian driver, Sean Gelael, as well as being a primary backer of the Lamborghini Super Trofeo Asia Championship.
Pertamina also sponsored Italian automotive giants Lamborghini since 2015.

References
1. "Pertamina 2016 Annual Report" (http://www.pertamina.com/media/5e70a57f-e2ec-4429-bbfe-292af2fbb7db/AR_
Pertamina_2016.pdf) (PDF). Pertamina.com.
2. Useful details about the history of Pertamina are contained in the book about Pertamina by Rhenald Kasali, DNA
mutation of powerhouse: Pertamina on the move, PT Gramedia Pustaka Utama Publisher, Jakarta, 2008
3. Amahl S. Azwar, 'Re-elected CEO to bring Pertamina to "number one"' (http://www.thejakartapost.com/news/201
3/06/07/re-elected-ceo-bring-pertamina-number-one.html), The Jakarta Post, 7 June 2013.
4. "Pertamina company profile" (http://www.indonesia-investments.com/doing-business/indonesian-companies/perta
mina/item341). Indonesia-investments.com. 25 March 2014.
5. "Pertamina Masuk Daftar 500 Perusahaan Terbesar Dunia" (http://bisniskeuangan.kompas.com/read/2013/07/16/
1102230/Pertamina.Masuk.Daftar.500.Perusahaan.Terbesar.Dunia). Bisinkeuangan.kompas.com. 16 July 2013.
6. Vickers (2005), p. 185.
7. Ricklefs, A History of Modern Indonesia Since c. 1300, 2nd ed., Stanford: Stanford University Press, 1994, p.
262.
8. Ricklefs, 296
9. Schwarz (1994), p. 55
10. Ricklefs, 301
11. Vickers, Adrian. 2005. A History of Modern Indonesia, Cambridge: University of Cambridge Press, p. 185.
12. Vickers, Adrian. 2005. A History of Modern Indonesia, Cambridge: University of Cambridge Press, p. 187.
13. McCawley, Peter. 1978. "Some Consequences of the Pertamina Crisis in Indonesia," Jour of Southeast Asian
Studies, IX(1), March.
14. Schwarz, A. (1994). A Nation in Waiting: Indonesia in the 1990s. Westview Press. ISBN 1-86373-635-2.
15. cf., Vickers, Adrian. 2005. A History of Modern Indonesia, Cambridge: University of Cambridge Press, p. 185.
16. Weissman 1990
17. Satria Rangga Fausta, 'Martiono Hadianto: In zero competition, reputation alone exists' (http://www.thejakartapos
t.com/news/2010/12/11/martiono-hadianto-in-zero-competition-reputation-alone-exists.html), The Jakarta Post,
11 December 2010.
18. 'Rent-seekers in Pertamina' (http://www.thejakartapost.com/news/2004/06/15/rentseekers-pertamina.html)
Archived (https://web.archive.org/web/20141205170732/http://www.thejakartapost.com/news/2004/06/15/rentsee
kers-pertamina.html) 5 December 2014 at the Wayback Machine, The Jakarta Post, 16 June 2004. See also
'Baihaki defends tanker purchase' (http://m.thejakartapost.com/news/2004/06/25/baihaki-defends-tanker-purchas
e.html) Archived (https://web.archive.org/web/20141205170736/http://m.thejakartapost.com/news/2004/06/25/bai
haki-defends-tanker-purchase.html) 5 December 2014 at the Wayback Machine, The Jakarta Post, 25 June
2004.
19. Alfian, 'Karen Agustiawan: Challenges male domination of oil and gas industry' (http://www.thejakartapost.com/ne
ws/2009/02/08/karen-agustiawan-challenges-male-domination-oil-and-gas-industry.html), The Jakarta Post, 8
February 2009.
20. Amahl S. Azwar, 'Karen gets rare extension to lead Pertamina' (http://www.thejakartapost.com/news/2013/03/06/
karen-gets-rare-extension-lead-pertamina.html), The Jakarta Post, 6 March 2013.
21. 'Pertamina CEO resigns to pursue teaching career at Harvard: Dahlan' (http://www.thejakartapost.com/news/201
4/08/18/pertamina-ceo-resigns-pursue-teaching-career-harvard-dahlan.html), The Jakarta Post, 18 August 2014.
22. Raras Cahyafitri, 'Semen Indonesia chief heading Pertamina' (http://www.thejakartapost.com/news/2014/11/28/s
emen-indonesia-chief-heading-pertamina.html), The Jakarta Post, 28 November 2014.
23. Post, The Jakarta. "Elia Massa Manik appointed Pertamina chief" (http://www.thejakartapost.com/news/2017/03/
16/elia-massa-manik-appointed-as-new-pertamina-chief.html). The Jakarta Post. Retrieved 5 May 2017.
24. 'Jokowi has high hopes for new Pertamina CEO' (http://www.thejakartapost.com/news/2018/08/29/jokowi-has-hig
h-hopes-for-new-pertamina-ceo.html), The Jakarta Post, 29 August 2018, and Shotaro Tani, 'Pertamina's new
CEO faces tough fight amid low state-set prices and rising costs' (https://asia.nikkei.com/Business/Companies/Pe
rtamina-s-new-CEO-faces-tough-fight-amid-low-state-set-prices-and-rising-costs), Nikkei Asian Review, 29
August 2018.
25. Hanun Nugroho, 'Consumption keeps growing as energy infrastructure worsens' (http://www.thejakartapost.com/
news/2008/07/14/consumption-keeps-growing-energy-infrastructure-worsens.html), The Jakarta Post, 14 July
2008. see also Tito Summa Siahaan & Dominic G. Diongson, 'Crude Hurdles in Getting New Oil Refiniries' (http://
www.thejakartaglobe.com/business/crude-hurdles-in-getting-new-oil-refineries-2/), The Jakarta Globe, 20 May
2013.
26. "Thailand's PTT delays Malaysia investment" (http://investvine.com/thailands-ptt-delays-malaysia-investment/).
Investvine.com. 1 April 2013. Retrieved 6 April 2013.
27. Amahl S. Azwar, 'Top official urgest RI to offer incentives for refinery construction' (http://www.thejakartapost.com/
news/2013/01/07/top-official-urges-ri-offer-incentives-refinery-construction.html), The Jakarta Post, 7 January
2012. Further details (in Indonesian) are on the Pertamina refinery website (http://www.pertamina.com/Refinery.a
spx) Archived (https://web.archive.org/web/20130115002634/http://pertamina.com/Refinery.aspx) 15 January
2013 at the Wayback Machine.
28. For a comparative list of oil refineries across the world, see this List of oil refineries.
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terminal/). Lngworldnews.com. Retrieved 5 June 2018.
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013/02/13/ri-s-dream-more-oil-refineries-hits-govt-intransigence.html), The Jakarta Post, 13 February 2013 and
Amahl S. Azwar, 'Indonesia to woo Iraq to invest in oil refineries' (http://www.thejakartapost.com/news/2013/05/0
4/indonesia-woo-iraq-invest-oil-refineries.html), The Jakarta Post, 4 May 2013.
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5/20/govt-rebuff-incentive-proposal-oil-refineries.html), The Jakarta Post, 20 May 2013.
34. Amahl S. Azwar, 'RI oil: From OPEC to net importer (http://www.thejakartapost.com/news/2013/09/20/ri-oil-from-o
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35. Raras Cahyafitri, 'Pertamina plans to upgrade oil refineries' (http://www.thejakartapost.com/news/2014/10/03/pert
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37. https://www.pertamina.com/en/documents/laporan-tahunan
38. http://www.piep.pertamina.com/siapa-kami
39. http://pepcadk.pertamina.com/media/1027/laporan-tahunan-tahun-buku-2016.pdf
40. https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapid=225356407
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External links
Official website (http://www.pertamina.com) (in Indonesian) (in English)

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