Pertamina Earns IDR 15 Trillion Profit, Member Of The House Of Representatives PPP Party Faction: Worth Appreciating Amid Total, Chevron, And Exxon Loss

Illustration. (Photo: Doc. Antara)

JAKARTA - Member of Commission VI of the Indonesian House of Representatives (DPR RI) Herman Khaeron appreciated the performance of PT Pertamina (Persero), which earned a net profit of USD 1.05 billion or IDR 15.3 trillion in 2020 amidst many losses from other world oil and gas companies.

"I give my appreciation and it must be maintained. In fact, it must be improved in the future. Their homework is how to accelerate the construction of various new business units, including the development of petrochemicals", Herman said in a statement in Jakarta, quoted from Antara, Wednesday, June 16.

Moreover, Pertamina achieved this positive performance when it was under pressure from the COVID-19 pandemic, which caused a drop in energy demand.

At the same time, many of the world's oil and gas companies suffered heavy losses, such as Shell losing up to USD 21.68 billion, BP losing USD 20.31 billion, and Exxon Mobil losing USD 22.44 billion.

In addition, Total recorded a loss of USD 7.24 billion, Chevron lost USD 5.5 billion, ENI with a USD 9.53 billion loss, and Petronas lost USD 5.54 billion.

Herman added that Pertamina's positive performance could not be separated from the success of the State-owned Enterprises (BUMN) in increasing efficiency and structuring its business, thereby making the company's business climate better.

In addition, added the member of the House of Representatives from the Democratic Faction, it is also in line with the increase in world crude oil prices which increase Pertamina's income.

This positive performance also indicates that restructuring brings benefits and has no effect on Pertamina's business processes. In fact, in the future, continued Herman, the restructuring will make Pertamina more adaptive to investors.

Previously, at the general meeting of shareholders (GMS), Pertamina stated that it earned a net profit of around IDR 15 trillion in 2020 and a contribution to the state of IDR 126.7 trillion.

This amount includes tax payments of IDR 92.7 trillion, dividends of IDR 8.5 trillion and non-tax state revenues (PNBP) of IDR 25.5 trillion.

This financial performance was also achieved when Pertamina had to carry out government assignments, such as one price fuel, increasing TKDN, and handling COVID-19.