If it is true that the main
purpose of Pertamina in acquring the state-owned gas company (PGN) is solely to
implement open access, the corporate action will not provide a significant
advantaged for Pertamina. The takeover attempt is feared would increase the
burden of Pertamina who already reaped huge profits in many lines of business.
Pertamina’s attempt to acquire PGN is actually the
culmination of hosilities between the stateowned companies that lasted this
long. The trigger is gas governance liberalization policy. Through Regulation
of the Minister of Energy and Mineral Resources No. 19/2009, the Government
opens trade opportunities and natural gas transportation business for all
business operators in a free competition through open access scheme.
Initially, there is a difference of opinion between
Pertamina and PGN in addressing open access policy. One the one hand, PT
Pertegas is very excited to implement open access without reserve. On the other
and, PGN was determined not to implement open access totally at this point. The
reason is that there are still technical and economic issues related to the
availability of transmission and sistribution pipeline infrastructures to be
resolved.
Thus, said reseracher of Center for Energy Studies Gadjah
Mada University, Fahmy Radhi, who spoke in a Focus Group Discussion “Gas
Governance as the Embodiment of Energy Sovereignty in Indonesia” at Gadjah Mada
University (UGM) in Yogyakarta, on Monday (January 20).
Moreover, Pertamina has been continuously hit by various
problems, thus further distancing Pertamina’s hope to become a World Class Oil
Company. Still fresh in the memory of the public about Pertamina’s request to
the government to raise prices of 12-kg LPG by 68% without consulting the
government. Finally, the policy was revoked by the government in just five
days.
Pertamina’s plan to increase the number of oil refineries
which have been proposed since many years ago has never materialized until now.
As a result, Indonesia is a net importer of fuel which is increasingly weighing
on Indonesia’s trade balance. Defeat-by-defeat in the struggle to seize oil and
gas fields with foreign oil companies have left a stigma that Pertamina was considered
unqualified in managing oil and gas fields in its own country.
“In these conditions, Pertamina’s decision to acquire PGN
is a blunder. Not only will it further aggravate the corporate load of
Pertamina, but can also worsen post-acquisition performance of PGN, even could
potentially lower PGN stock prices,” Fahmy said.
Not efficient
Thus, it seems that the year 2014 is a gamble for (PGN).
Because, not to mention the implementation of the open access concept related
to the use of PGN’s gas pipeline infrastructures jointly with other companies.
Now, the Ministry of State-Owned Enterprises plans to directly acquire PGN to
become a subsidiary of PT Pertamina.
The original plan, which was to acquire subsidiary
company of PGN, namely PGAS, was considered less effective. Now, Dahlan Iskan
provides an option to directly acquire PGN and automatically acquire PGN’s subsidiaries.
“There are two options regarding the implementation of
acquisition by two stages or one stage. If in the first two stages, PGN acquire
Pertagas, Pertamina’s subsidiary. On the second stages, Pertamina directly
acquires PGN,” said Dahlan.
However, both options will still make PGAS a subsidiary
of Pertamina. The first option is that Pertamina directly acquires PGAS, and
the second option is PGAS acquires Pertagas and will later be acquired by
Pertamina. The Ministry of State-Owned Enterprises will choose the best and
most appropriate option. Will the option be made or done simultaneously (in one
stage only)?
The acquisition plans is now being examined carefully by
Danareksa and Bahana Securities. The study includes whether Pertamina’s
acquisition of PGN coincides with PGN’s acquisition of Pertagas, or Pertagas is
acquired first, and then Pertamina acquires PGN. The Ministry of State-Owned
Enterprises is still reviewing Pertamina’s opportunities in acquiring a stake
in PGN.
The plan was in line with government’s target to
establish a large-scale oil and gas company. In short, PGN becomes a subsidiary
of Pertamina, and Pertagas who was formerly a subsidiary company becomes the a
sub-subsidiary company.
In response to this, analyst of PT Asjaya Indosurya
Securities, William Suryawijaya, said that it would not be efficient it the
acquisition of PGAS by Pertamina is in two stages. The reason is that however
both options are, PGAS will eventually be acquired and will become a subsidiary
of Pertamina. “Any option can be taken. However, it is more efficient if the
acquisition is done in one stage,” William said.
According
to William, for this time, what is needed is how Pertamina could negotiate with
PGAS so that the acquisition process will be done on one stage in order to be
more efficient. In fact, what is required is Pertamina’s lobbying capability so
that PGAS can be acquired in one stage (Pertamina directly acquires PGAS). (E)
Business News - January 22, 2014
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