PGN Acquisition of Pertamina Shares in Pertagas Worth Rp16.60 Trillion

By : Abraham Sihombing And Aldo Bella Putra | Wednesday, July 04 2018 - 03:00 IWST

PGN (ist)
PGN (ist)

INDUSTRY.co.id - Jakarta - PT Perusahaan Gas Negara Tbk (PGAS), or PGN, acquired Pertamina's shares in Pertagas worth Rp16.60 trillion, equivalent to 51% of all issued and paid-up capital in Pertagas.

The total transaction value of the acquisition represents the purchase price for 2,591,099 units of Pertamina's shares in Pertagas.

Rachmat Utama, Corporate Secretary of PGN, said that the acquisition is one of the process of forming State-owned Oil and Gas Enterprise Holding to boost the economy and national energy security.

The acquisition of Pertamina shares in Pertagas has been done through the signing of the Conditional Sales Purchase Agreement (CSPA) on June 29, 2018.

"The process of forming Oil and Gas Holding is done by Pertagas integration into PGN by acquiring Pertamina shares in Pertagas by PGN at an agreed price," Rachmat said in Jakarta on Tuesday (03/07/2018).

Rachmat said, this transaction provides strategic added value and improve competitiveness, so it is expected to encourage PGN to become a major player in the field of transmission and distribution of natural gas at home and abroad.

In addition, Rachmat said the transaction could also ensure the supply of Liquefied Natural Gas (LNG) and realize the development of an overlapping natural gas infrastructure to supply to the end consumer so as to save investment costs and accelerate new markets.

Rachmat hopes that the integration can realize business efficiency throughout the gas trading chain so that gas prices can become more competitive in order to encourage sustainable growth and increase public access to gas energy.

The reason, Rachmat said, the distribution of gas is more widespread and evenly believed to be able to increase the availability of gas supply for the sustainability of gas distribution and encourage the monetization of gas field and liquefied natural gas for gas supply volume in the short, medium and long term. (Abraham Sihombing)

News Comment

Today's Industry

vaccine arrives at Soekarno Hatta International Airport in Tangerang, Banten

Senin, 19 April 2021 - 19:05 WIB

Another Six Million Doses of Vaccine Bulk Arrives in Indonesia

The Government has announced it has received six million doses of Sinovac’s COVID-19 vaccine bulk from China, which is part of the supply of 140 million doses to be received this year.

Minister of Manpower Ida Fauziyah

Senin, 19 April 2021 - 18:50 WIB

Manpower Minister Issues Circular on ‘Mudik’ Restrictions for Workers, Migrant Workers

Minister of Manpower Ida Fauziyah on 16 April 2021 issued Circular Number M/7/HK.04/IV/2021 on Restrictions on the 1442 Hijri Eid al-Fitr Mudik (Annual Exodus) for Workers and Indonesian Migrant…

Minister of Marine Affairs and Fisheries Sakti Wahyu Trenggono

Senin, 19 April 2021 - 17:50 WIB

Fisheries Minister Reminds Exporters of Fishery Products to Obey Tax Rules

Ministry of Marine Affairs and Fisheries encourages domestic fishery products to compete in global markets as the licensing and certification procedures have been simplified.

President Joko “Jokowi” Widodo

Senin, 19 April 2021 - 17:00 WIB

Stay Vigilant as Pandemic is Real and Not Over Yet, President Jokowi Says

President Joko “Jokowi” Widodo Monday (19/04) inspected vaccination for artists and cultural practitioners at the Indonesia National Gallery in Central Jakarta.

Citibank

Minggu, 18 April 2021 - 22:10 WIB

Citi Indonesia Reiterates Commitment to Customers During Sale Process of The Consumer Bank Business

Citi today reaffirmed there would be no immediate change to how it serves its local consumer bank customers, as it commences the sale process of its Indonesian consumer business, following the…