Here’s Related About Pertamina And Rosneft Tuban East Java – Indonesia Reference, Easy Sinuhun Not Loved Wind Dreams

By Salamuddin Daeng

Media  – All oil companies have understood that copid 19 is a blow to them, it has been smashed so that it will change immediately.  And all the oil companies will change so will Russia’s Rosneft Oil.

Dok, Pertamina
The process of signing an agreement between PT Pertamina Rosneftroses and Petrokimia and Spanish Tecnicas Reunidas SA related to the construction of an oil and petrochemical refinery complex in Tuban, East Java.


They will lose a lot of investors if they persist in not adhering to climate protocols, and that will put the company out of business.  Just imagine the five giant companies, Mr. Exxon, Chevron, Shell, Total, lost 77 billion dollars in 2020. If no one wants to invest again, all of these giant companies can close down.  Meanwhile, investment only wants to enter through the climate issue route.

To recover, especially their Ebitda, which has been badly damaged and ensure that companies do not go bankrupt, hit by Covid, oil and gas companies are increasing their hunt for sources of money.  * It should be noted that in the last decade oil companies have focused more on chasing money than producing oil *.  This links their financial focus in a basic way.

Now they have little hope that investors will only finance climate investments.  In this case, oil companies must commit themselves fully to COP 21.

*How to ?  What should Pertamina do?  or by Sinuhun? *

I have never heard clearly what Pertamina and Sinuhun will do to respond to this historical fault.  All promises regarding reducing Indonesia’s emissions and energy smell are shattered.  Indonesia can be branded making false promises to the world.  In mankind.


Russia’s largest crude producer, state-controlled Rosneft, signed a collaborative agreement with British Petroleum to support carbon management.

* BP is the largest foreign shareholder in Rosneft with a 19.75% stake. *

Russian industrial companies have scrambled to increase their ESG (Environmental, Social and Good Governance) score or run the risk of losing investors who are increasingly cautious with long-term environmental strategies.

At the state policy level, the ESG is also in focus as Russia prepares too late to tackle the introduction of an EU carbon tax and other “green” challenges.  Recent reports show several initiatives being developed at the same time, such as green certificates, greenhouse gas (GHG) emission reduction strategies, and energy efficiency policies.

* Rosneft is ranked 16th in Russia’s latest RA Expert company ESG ranking, a new list that reflects the ESG scores of major Russian companies.  It ranks best in the environment (7) and worst in corporate governance (27). *

On this environmental issue, a comprehensive agenda is the logical next step for Rosneft, which has worked hard to increase the attractiveness of its investment.  In 2018, the company pushed for a broad investment shift, when it promised to cut debt, control its investment program, and give up assets that weren’t profitable.  The company also increased its dividend payout to 50% of profit.

Now Rosneft and BP have agreed “to work together to identify and develop solutions and * new low-carbon programs * that will support their shared sustainability goals.”  Oil companies will also jointly evaluate new projects that consider the use of renewable energy, opportunities for carbon capture, utilization and storage, and hydrogen development.

“The ESG assessment is an increasingly important part of the investor’s decision-making process. Therefore, the strategic agreement between Rosneft and BP on carbon management should be considered positive for Rosneft,”.

Rosneft also reminded that they have adopted a Carbon Management Plan 2035 which features clear targets for reducing GHG emissions, which the council updated in December 2020.

* The targets outlined in the plan include prevention of direct and indirect GHG emissions by 20 million tonnes of CO2 equivalent, reduction of direct and indirect emission intensity by 30% in oil and gas production, methane emission rates below 0.25%, and zero  routine.  burning associated extraction gases. *

As for BP, in 10 years it aims to increase its low-carbon investment 10-fold to about $ 5 billion per year, while developing about 50 GW of renewable clean generating capacity, a 20-fold increase.


Pertamina is certain to lose, it’s impossible to gain.  All profit claims are in the form of subsidy replacement by the government.  Not necessarily the government can give money.  Because the government itself is in short supply.

Pertamina has to spin its brains, looking for money.  Making money by searching for oil are two different things.  You can make money from selling oil, you can also sell from hoarding bonds.  That’s what Pertamina has done in the last three years.  Hoarding debt.

The money from hoarding bonds can beat a company’s ability to make money by selling oil.  Pertamina can get the proceeds from selling bonds in 2020 worth 2.9 billion USD or more than 40 trillion rupiah.

But at the same time in 2020 Pertamina only got * fortunately * 14 trillion rupiah.  That is not necessarily because the money is still in the form of promises or receivables from the government.

The result of selling obliga- tions is many times greater than the ability to get * Fortunately, he said * That’s how Pertamina makes money.

But the way to find Pertamina money by hoarding debt is an expensive way, because it leaves a large burden for interest and principal debt payments.  Pertamina will definitely go bankrupt if it continues this way.

So in the near future it will still be possible to sell oil, more and more retail it on the streets, but it’s not possible to make money from oil.  Then how will Pertamina pay its debts?  This company must be ready to be confiscated by the lender.

The biggest mistake made by Pertamina is that there is no plan at all to carry out a carbon emission reduction agenda.  On the contrary, they want to gasify coal and use palm oil, two of COP 21’s arch enemies.

Salamudin Daeng

Researcher of the Indonesian Political Economy Association (AEPI)

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