PERTAMINA HANDS OVER NON-CORE ASSETS TO PPA

Jakarta, Apr 22 (ANTARA) - State oil and gas firm Pertamina has handed over the management of its five non-core subsidiaries and 11 property assets to state-owned asset management company PT Perusahaan Pengelola Asset (PPA).

Pertamina President Director Karen Agustiawan and PPA President Director Boyke Mukizat signed a cooperation agreement to that effect in the presence of State Enterprises Minister Sofyan Djalil here on Tuesday.
The five non-core subsidiaries are PT Pelita Air Service, PT Patra Jasa, PT Patra Dok Dumai, PT Usayana and PT Seamles Pipe Indonesia Jaya.
The 11 property assets include those located in Kemang, Juanda, and Kemang Raya, Central Jakarta, Kemanggisan, Cengkareng, and Jalan Peternakan Cengkareng, West Jakarta, as well as Pondok Cabe airbase.
Pertamina currently holds a 99.9 percent stake in Pelita Air Service, a 99.98 percent stake in Patra Jasa, a 99.97 percent stake in Patra Dok Dumai, a 95 percent stake in Usayana and a 13.5 percent stake in Seamles Pipe Indonesia Jaya.
Karen said the cooperation would quickly help transform Pertamina into a world-class oil company which focuses on oil, gas and vegetable fuel oil businesses.
PPA Corporate Secretary Renny O Rorong said his side would manage the Pertamina assets based on good corporate governance, which covered the maintenance of share assets, the monitoring and management of business performance and the sales of share assets.
"The management will last for one year after the cooperation agreement has been signed. Afterwards, the cooperation agreement will be evaluated comprehensively," he said.
Minister Sofyan Djalil said the handover of Pertamina non-core assets' management to PPA was a forward step for the latter.
"With the handover, Pertamina can hopefully focus on its core businesses and make its subsidiaries highly valuable and more efficient," he said.
Pertamina was one of the state-owned companies which had the greatest number of assets, he said.