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Pertamina is Handing-Over its Non Core Assets to PPA (PRESS RELEASE No.PR-43/PPA/CS/0409 - 21 April 2009) PT Pertamina (Persero) (“Pertamina”) dan PT Perusahaan Pengelola asset (Persero) (“PPA”) today sign agreement to manage non-core assets of Pertamina. President Director of Pertamina Karen Agustiawan says that this agreement will speed up Pertamina’s transformation to become world class oil and gas company.
Meanwhile, President Director of PPA Boyke Mukijat says that this cooperation is the manifestation of one of PPA’s duties as stated in Government Regulation No. 61 year 2008. It is also a form of synergy among SOEs as underlined by the Ministry to achieve optimal performance. “With this cooperation with PPA, we hope that those assets will be better managed,” says Karen. On the other hand, PPA is ready to manage these kinds of assets including those transferred from Pertamina. “With its experience, we are able to manage efficiently as well as effectively,” says Boyke. Assets transferred to PPA consist of shares assets in 5 companies, which are PT Pelita Air Service, PT Patra Jasa, PT Patra Dok Dumai, PT Usayna and PT Seamless Pipe Indonesia Jaya as well as 11 property assets located in Jakarta and Tangerang. At the beginning, PPA will examine the assets thoroughly before taking any restructuring steps. Karen Agustiawan says that the initiative of restructuring these non-core assets today is based on the decision of Shareholders Meeting in 2006, to release non-core assets which are directly related with the main business, as a commitment of Pertamina to manage its business operations based on strong commercial principles. PT PERUSAHAAN PENGELOLA ASET (PERSERO) |