REPUBLIKA.CO.ID, JAKARTA -- Minister for State Enterprises Rini Soemarno said a holding company would soon be formed for oil and gas companies grouping state-owned gs company PT Perusahaan Gas Negara (PNG) and oil company PT Pertamina.
"In principle, the concept has been approved, but there are things to be finished," Rini said after a coordinating meeting discussing holding companies for the more than a hundred state companies.
Rini said the forming of the holding companies have been discussed with the stake holders that the plan could be implemented before the end of this year.
"Now we are discussing in greater details. We have talked with boards of directors , the boards of commissioners. We also plan to talk with the trade unions," she said.
She said revision of the government regulation No. 44 of 2005 on methods of state capital participation in state companies is to be wrapped up in ten days to speed up the process of forming holding companies .
"Yes, this is in the process of getting the initials of the relevant ministers," Rini said.
Altogether, Rini said the forming of the holding companies would benefit not only the parent companies but also state companies grouped in the holding companies.
"We see many state companies having problem over being short of capital . The holding company could be expected to seek loan," she said.
There would be six holding companies including for oil and gas, food, logistics, financial, mining and infrastructure business areas.
The first to be formed is an oil and gas holding company as the first to have been approved by the president.
Earlier, it was said that Pertamina would be the holding company and PGN would be a subsidiary along with other subsidiaries of the two companies.
Under the system there would be overlapping in policies such as in the construction of gas pipes and gas distribution.
Earlier, Rini said the benefit from the holding system is greater financial self reliance without depending on state capital participation, opening new jobs and greater food security.
In addition, there would acceleration in the provision of low cost houses, increase government dividend and tax revenue, and more efficient and integrated development of infrastructure.
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