JAKARTA - Deputy Minister of State-Owned Enterprises (BUMN) II, Pahala Mansury asked PT PLN (Persero) and PT Pertamina (Persero) to carry out several strategies so as not to be eroded by the weakening of rupiah and an increase in interest rates which is expected to occur in the next two years.
One of the strategies carried out is to ask PLN and Pertamina to be able to control capital expenditure (Capex) below Rp100 trillion.
"We convey to PLN to control the capex below Rp. 100 trillion, especially in the power plant sector," he said at the Energy Corner, Monday, October 3.
The same applies to Pertamina who is also asked to be careful in reviewing capex and ensuring that existing capex is really used for things relevant to future business development.
"If the development for the refinery, for example, we ask them to continue to carry out the process, but for other capex we ask it to be controlled," he continued.
The second strategy that is carried out is to be careful in choosing loan products. He advised the two SOEs to choose loan options from banks compared to the form of bond loans.
"So we suggest maybe compared to borrowing in the form of bond loans, maybe looking more at bank loans because they are usually under 5 years old," continued Pahala.
The third strategy carried out by the two energy SOEs is to carry out a hedge strategy or hedging above 25 percent of the obligations that are usually carried out by 25 percent.
Especially for Pertamina, the Ministry of SOEs asked to do hedging in terms of raw materials and commodities.
"From Pertamina's side to ensure that in addition to fuel and crude, it is possible to conduct hedging in terms of supply for raw materials. Last August they started hedging commodities," concluded Pahala.
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