Pertamina takes PGN stake
JAKARTA, April 12, 2018 – Pertamina’s acquisition of a 56.96% stake in Perusahaan Gas Negara (PGN) was approved by Indonesia’s minister for state-owned enterprises Wednesday.
PGN is set to manage the transport, distribution and marketing of gas within Pertamina, with the new structure expected to increase efficiency and infrastructure savings. The plan to integrate the companies, which dates back at least to 2013, includes the formation of a new holding company.
“The first step will be to immediately meet with the management of Pertagas [to discuss] which of their assets can be operated together and to prevent duplication,” Reuters quoted PGN president-director Jobi Triananda Hasjim as saying. “We will look for quick wins first – which infrastructure can be built more quickly with this oil and gas holding company.”
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