Investor PresentationConsolidated 3M–2021
Disclaimer & Cautionary Statement
This document is not, and nothing in it should be construed as, an offer, invitation or recommendation in respect of the Company’s
credit facilities or any of the Company’s securities. Neither this presentation nor anything in it shall form the basis of any contract or
commitment. This document is not intended to be relied upon as advice to investors or potential investors and does not take into
account the investment objectives, financial situation or needs of any investor.
The Company has prepared this document based on information available to it that have not been independently verified. No
representation or warranty, expressed or implied, is provided in relation to the fairness, accuracy, correctness, completeness or
reliability of the information, opinions or conclusions expressed herein. The information included in this presentation is preliminary,
unaudited and subject to revision upon completion of the Company’s closing and audit process.
This document may include forward-looking statements concerning the Company’s plans, objectives, goals, strategies, future events,
future performance, capital expenditures, business trend, and other information that is not historical. When used in this document, the
words “estimates”, “expects”, “anticipates”, “projects”, “plans”, “intends”, “believes”, “predicts”, “forecasts”, or future or conditional
verbs, such as “will”, “should”, “could”, or “may” and variations of such words or similar expressions are intended to identify forward-
looking statements. All forward-looking statements, including, without limitation, management’s examination of historical operating
trends and data are based upon the Company’s expectation and various assumptions. Future events or results may differ from those
anticipated or expressed in these forward-looking statements.
All forward-looking statements attributable to the Company or persons acting on its behalf apply only as of the date of this
document. The Company undertakes no obligation to update or revise forward-looking statements to reflect events or circumstances
that arise after the date made or to reflect the occurrence of unanticipated events.
222
1
2
3
Company OverviewThe Milestones | The Sub-Holding Co| Leadership| Business Portfolio | Business Structure | 3M-2021 Highlights
3M-2021
Operational Performance Gas Commercial | Gas Transmission |Other Businesses | Upstream Lifting
3M-2021
Financial Performance Income Statement | Balance Sheet | Cashflow | Financial Ratios | Debt Maturity Profile | CAPEX
Table of
Contents
About PGAS
4 Strategic Projects & Investment 2021
3
Company OverviewThe Milestones | The Sub-Holding Co|Leadership |
Business Portfolio|Business Structure | 3M-2021 Highlights
About PGASPT Perusahaan Gas Negara Tbk (PGAS:IJ) the leading natural gas distribution and transportation player in Indonesia. PGAS continues to
strengthen its position in the market by gradually transforming into an integrated energy solution company, encouraging the use of natural
gas.
PGAS is engaged in upstream oil and gas, midstream and downstream fields across the Indonesian peninsula. PGAS owns and operates
natural gas pipelines in excess of more than 10,000km in total length, covering c. 96% of the national natural gas pipeline network. PGAS’
upstream portfolio consist of 10 oil and gas blocks across the country, and 1 shale gas in Houston, US. PGAS has 2 FSRU’s (Lampung & West
Java) and land based regasification facility in Arun. PGAS, through its downstream entities, serves more than 2,000 industrial and
commercial customers.
PGAS become subsidiary of PT Pertamina (Persero) since 11 March 2018 as part of Government of Indonesia’s Oil & Gas Holding initiatives.
With the acquisition of 51% stake in PT Pertamina Gas (and its subsidiaries) on 28 December 2018, PGAS has officially been the Gas Sub-
holding Company.
The Milestones8
03
77
2
917 951828 916
85
1,447
2016 20182017 2019
1,369
2020
1,255 1,211
3M-2021
109807 697 733
2018
191
2,935
2016
3,5713,870
1,085
2017***
1,217
3,849
1,040
2019
2,886
2020 3M-2021
3,6644,737
4,3103,170
2017***
3,873
2016 3M-2021
3,202
2018
4,139
3,234
2019
4,579
2,955
2020
4,502
3,022
Tota
l Lia
bili
ties
Tota
l Eq
uit
y
Gas Commercial (BBTUD)*Gas Transmission (MMSCFD)**
Revenue & EBITDA(USD Million)
Capitalization(USD Million)
*) Excl. Processed Gas; **) Excl. TGI Volume
5
***) Restatement
1998 2003 2007 2010
20182019
• Completion of Grissik – Duritransmission pipeline
• Establishment of PT TransportasiGas Indonesia (TGI) in 2002
• Completion of Grissik- Batam-Singapore transmission pipeline
• Listed Company (“PGAS”)
• Completion of SSWJ transmission pipeline
• Establishment of PT PGAS Telekomunikasi Nusantara (PGASCOM)
Establishment of the Sub-Holding Gas
Establishment of a JV between Pertamina and PGN: PT Nusantara Regas
2014
Operation of FSRU Lampung
Completion of Kalija transmission pipeline by KJG
2015
2016
Development of gas distribution pipeline in Musi Banyuasin, Bandar Lampung, DKI Jakarta and Mojokerto.
• Business Alignment of Sub-Holding Gas • The Transfer of the LNG, SPBG and City Gas
Business from Pertamina to PGN as sub-holding gas.
2020
• Restructuring of Subholding organization• Sapta PGN+ (The National Gasification Programs)• Implementation of the Decree of Minister of Energy and
Mineral Resources No. 89 and 91 of 2020
The Sub-Holding Co.
Vision
To Be The Leading National Gas Company with Global CredibilityStandard In Providence of Natural Gas Infrastructure and Utilization
Mission
Conducting midstream and downstream gas business and othersupporting business in commitment to increase the value forstakeholders through:
1. Natural Gas and LNG trading as a driver of national economicgrowth based on solid commercial principles;
2. Providence of integrated Natural Gas and LNG infrastructure;3. Organize services to support the provision of gas infrastructure
and utilization through applicable selection of technology;4. Business development through natural gas utilization for gas-
based industries and its derivatives.
56.96%
43.04%Public
1 Serie A
6
Independent Commissioner Christian H. Siboro
Commissioner Luky Alfirman
Commissioner Warih Sardono
• A Master of Business Administration& Management from PPM GraduateSchool of Management and ParisSchool of Business.
• Having no affiliation with members ofthe Board of Directors and othermembers of the Board ofCommissioners, as well as majorshareholders and/or controllers.
• A MA and PhD in Economic,University of Colorado
• Having an affiliation with theRepublic of Indonesia as thecontrolling shareholder, in hisposition as General Director ofFunding & Risk in Ministry ofFinance
• A Master of Law from University ofPadjadjaran and Doctoral Degreefrom University of Airlangga
• Having an affiliation with theRepublic of Indonesia as thecontrolling shareholder, in hisposition as Expert Advisor ofImplementation of Strategic Policy inMinistry of State-Owned Entities(BUMN)
Independent Commissioner Paiman Raharjo
Independent Commissioner Kiswodarmawan
President Commissioner Arcandra Tahar
• Master and Ph.D. of OceanEngineering – Texas A&M University
• Having no affiliation with othermembers of the Board of Directorsand the Board of Commissioners, aswell as majority and/or controllingshareholders
• Previously served as Vice MinisterEnergy and Mineral Resources ofRepublic of Indonesia (2016 –2019)
• A Master of Economic Administrationfrom the University of Prof. Dr.Moestopo and Doctor ofAdministrative Sciences fromPadjajaran University
• Having no affiliation with members ofthe Board of Directors and othermembers of the Board ofCommissioners, as well as majorshareholders and/or controllers.
• A Bachelor of Civil Engineering fromITS, Surabaya.
• Previously served as ManagingDirector of Adhi Karya (Persero) Tbk
• Having no affiliation with othermembers of the Board of Directorsand the Board of Commissioners, aswell as majority and/or controllingshareholders
7
Board of Commissioners
Independent Commissioner
Christian H. Siboro
Commissioner Luky Alfirman
Commissioner Warih Sardono
• A Master of Business Administration& Management from PPM GraduateSchool of Management and ParisSchool of Business.
• Having no affiliation with members ofthe Board of Directors and othermembers of the Board ofCommissioners, as well as majorshareholders and/or controllers.
• A MA and PhD in Economic,University of Colorado
• Having an affiliation with theRepublic of Indonesia as thecontrolling shareholder, in hisposition as General Director ofFunding & Risk in Ministry ofFinance
• A Master of Law from University ofPadjadjaran and Doctoral Degreefrom University of Airlangga
• Having an affiliation with theRepublic of Indonesia as thecontrolling shareholder, in hisposition as Expert Advisor ofImplementation of Strategic Policy inMinistry of State-Owned Entities(BUMN)
Independent Commissioner
Paiman Raharjo
Independent Commissioner
Dini Shanti Purwono
President Commissioner Arcandra Tahar
• Master and Ph.D. of OceanEngineering – Texas A&M University
• Having no affiliation with othermembers of the Board of Directorsand the Board of Commissioners, aswell as majority and/or controllingshareholders
• Previously served as Vice MinisterEnergy and Mineral Resources ofRepublic of Indonesia (2016 –2019)
• A Master of Economic Administrationfrom the University of Prof. Dr.Moestopo and Doctor ofAdministrative Sciences fromPadjajaran University
• Having no affiliation with members ofthe Board of Directors and othermembers of the Board ofCommissioners, as well as majorshareholders and/or controllers.
• A Master (LL.M) of International FinanceLaw from Harvard Law School.
• A member of the Investment Committeeof the Board of Commissioners PTPertamina (Persero) and previouslyserved as Special Staff to the President ofthe Republic of Indonesia
• Having no affiliation with other membersof the Board of Directors and the Board ofCommissioners
8
Board of Commissioners(as of 3 May 2021 – Resolution of the Annual General Meeting of Shareholders)
President DirectorSuko Hartono
Director of FinanceArie Nobelta Kaban
Director of Commercial Faris Aziz
• A Bachelor of ChemicalEngineering from Institute ofTechnology, Bandung (ITB)
• Serves as President Director ofPGN since May 15, 2020.
• Previously served as PresidentDirector of PT Pertamina Gas
• Bachelor and Master degreefrom University of Gajah Mada.
• Previously served as TeamLeader Investigation inCorruption EradicationCommission (KPK)
• Master of Management fromUniversity of Sumatera Utara(USU).
• Serves as a Director ofCommerce since May 15, 2020.Last position as as SVP SupplyDistribution & Infrastructure PTPertamina (Persero)
Director of HR & General Affairs
Beni Syarif Hidayat
Director of Infrastructure & Technology
Redy Ferryanto
Director of Strategy & Business Development
Syahrial Mukhtar
• Bachelor of Social and PoliticalScience from University ofPadjadjaran, Bandung.
• Serves as HC and General AffairsDirector of PGN since May 15,2020. Last position as SVPHuman Capital Management PTPertamina (Persero)
• A Master degree in InternationalManagement from University ofPelita Harapan/UPH (HarvardUniversity Class).
• Serves as a Director since August30, 2019. Previously served as theDirector of Operational &Development PT EnergiManagement Indonesia
• A Bachelor of IndustrialEngineering ITB, Master ofManagement University of GajahMada and Doctor of ManagementStrategic University of Indonesia
• Previously served as CorporateSecretary PT. Pertamina (Persero)
9
Foto terbaru
Board of Directors
President DirectorMuhammad Haryo Yunianto
Director of Finance & Risk Management
Fadjar Harianto Widodo
Director of Sales & Operations Faris Aziz
• A Master of Management andBachelor of Law.
• Serves as President Director ofPGN since May 3, 2021.
• Previously served as CorporateServices Director of PTPertamina (Persero)
• Bachelor Degree of Managementfrom University of Diponegoro.
• Serves as Director since May 3,2021.
• Previously served as SVP ControllerPT Pertamina (Persero) andDirector of Finance & BusinessSupport of PT Pertamina EP
• Master of Management fromUniversity of Sumatera Utara(USU).
• Serves as a Director of Commercesince May 15, 2020. Last positionas as SVP Supply Distribution &Infrastructure PT Pertamina(Persero)
Director of HR and Business Support
Beni Syarif Hidayat
Director of Infrastructure & Technology
Achmad Muchtasyar
Director of Strategy & Business Development
Heru Setiawan
• Bachelor of Social and PoliticalScience from University ofPadjadjaran, Bandung.
• Serves as HR and General AffairsDirector of PGN since May 15,2020. Last position as SVPHuman Capital Management PTPertamina (Persero)
• A Master degree in IndustrialTechnology from University of NewHaven
• Serves as a Director since May 3, 2021.• Previously served as the Director of
Business Development of PT RekayasaIndustri (REKIND)
• A Master of Business Administration(MBA) from Montreal, Canada andBachelor of Mechanical Engineeringfrom Bandung Institute of Technology(ITB).
• Serves as a Director since May 3, 2021.• Previously served as Director of
Planning, Investment & RiskManagement PT Pertamina (Persero)
10
Foto terbaru
Board of Directors(as of 3 May 2021 – Resolution of the Annual General Meeting of Shareholders)
Business Portfolio Sub Holding Gas
DOWNSTREAM
0
UPSTREAM
Oil and Gas ProductionNatural gas reserves in Indonesia are larger than oil. Saka Energi Indonesia is subsidiary of PGN that has business activities in the upstream business
MIDSTREAM
Through TGI, KJG and Pertagas, PGN maintain a very high reliability and operational infrastructure security. FSRU converts LNG into high-quality natural gas. PGN has 2 (two) FSRUs namely FSRU lampung and FSRU West Java and also land base regasification facility in Arun through Pertagas
Gas Transport Module (Gas Link) Gas Link is a solution for chanelling natural gas to location that are not connected to a gas pipeline
Commercial Customers MRU is the solution for natural gas filling station for trantation using CNG technology
> > > >
Power PlantsPower plant made from gas fuel is more environment friendly compared to oil fuel or coal
Commercial Customer Efficiency and reliability are important factor in distributing energy to commercial customers. PGN in this case can fulfil these needs
Household CustomerPGN has distributed gas to more than 400,000 household customers in 52 cities/regencies all over Indonesia
Gas Filling Station (SPBG) and Mobile Refueling Unit (MRU) Subsidiary, Gagas Energi Indonesia operates 16 SPBG at 11 cities in Java and Sumatra
Industrial SectorIndonesia’s growth is driven by the growth of its industrial sector. PGN continues trying to encourage fuel usage efficiency by distributing natural gas to various industrial area in Indonesia
11
Business Structure PGN Group
12
3M-2021
Highlights
13
OPERATING METRICS
CAPEX (US$ Million)
88
2
91
6
FY21 Target
3M-2021
3M-2020
89
3-
93
0
Gas
Co
mm
erci
al (
BB
TUD
)+3%
+4%
FY21 Target
1,3
33
-1
,38
7
1,3
42
1,2
11
3M-2020
Gas
Tra
nsm
issi
on
(M
MSC
FD)
3M-2021
-9%-10%
11
1
85
3M-2020
3M-2021
52
-5
4
FY21 Target
Reg
asif
icat
ion
(B
BTU
D)
+64%
-23%
16
8
12
1
FY21 Target
3M-2021
3M-2021
15
9-
16
4
LPG
Pro
cess
ing
(TP
D)
-24%-28%
Oil
Tran
spo
rtat
ion
(BO
EPD
)
30
,13
7–
31
,50
7
9,1
76
9,9
99
3M-2020
3M-2021
FY21 Target
-70%
-8%
Business Updates
Improving business environment in Indonesia in the midst of Covid-19 pandemic, better gas commercial volumes, higher profit from joint ventures, lower opex, and gain on forex, had all contributed to stronger net profit during 1Q21
20
,79
4
3M-2020
25
,50
7 -
26
,60
3
17
,22
6
3M-2021
FY21 Target
Up
stre
am L
ifti
ng
(BO
EPD
)
-32%
-17%
300
40
FY2020 FY21 Target
3M-2021
490 - 620
FINANCIAL INDICATORS(US$ Million)
Total Asset 7,525
Revenue 733
EBITDA 191
Equity 3,022
Net Profit 62
3M–2021 Operational PerformanceGas Commercial | Gas Transmission| Other Downstream | Upstream Lifting
Business Updates
▪ During the first quarter of the year, businesses in Indonesia had slowly recovered from the on-going Covid-19 pandemic due to the rolled out of Covid-19 vaccinations throughout Indonesia, resulting higher consolidated gas commercial volumes in 3M21 compared to 3M20.
▪ Upward trend seen on QoQ volume starting since Q3-2020.
▪ Number of customers increased in all segment with industries and commercial sectors remain the biggest gas consumers.
Volume (BBTUD)
3M-2021
Operational Highlights:Gas Commercial
803 772912 951
828
882 916
20182016 2017 20202019 3M-2020 3M-2021
+4%
15
35.9%
0.2%
1.2%
Fabricated Metal
Wood
Power Plant
Basic Metal
16.5%
Petrochem
0.3%
Lifting Oil
Glass
CNG
Refinery
Cement
Textile
8.8%
Others
Fertilizer
4.7%
1.0%
Paper
Food
Ceramic
Chemical
0.0%
0.1%
4.1%
1.6%
3.4%
3.6%
4.1%
5.2%
8.5%
512
420
486
552580
343 319 315 318 329
Q1-2021Q1-2020 Q2-2020 Q3-2020 Q4-2020
PowerRetail (Non Power)
Industrial Consumtption to Total Sales Volume
Trend of Industrial Consumption (BBTUD)
Number of Customers
0.7%0.1%
99.2%
Customers Consumption(as of 31 March 2021)
39
3,4
531,929
1,652
1,470
19
2,4
89
16
5,3
92
2016
2,3741,741
1,991
2017
32
2,0
73
2018
2,455
1,566
2019
2,487
1,805
49
1,6
43
2020
2,452
1,814
50
3,8
25
3M-2021
Industry & Commercial
Small Business
Residential
Operational Highlights:Gas Commercial
84 90 91
10
2
10
7
13
3
58
3
54
2 61
4
61
5
52
7
57
4
13
0
13
3
13
0
13
0
11
6
12
8
76
10
4
77
2018 20202016 2017 2019 3M-2021
Gas Sources(as of 31 March 2021)
Pertagas (Operation North Sumatra Area dan Dumai Area)
SOR I (Medan, Pekanbaru, Batam, Dumai, Palembang, Lampung)
SOR II (Jakarta, Bogor, Tangerang,Cilegon, Bekasi, Karawang, Cirebon)
SOR III (Sidoarjo, Pasuruan, Surabaya. Semarang)
57%29%
14%
99.8%
0.2%
Volume (BBTUD)Per Sale & Operation Regional
PGN’s Pricing
3
4
5
6
7
8
9
10
2.0
1.0
4.0
3.0
1.5
3.5
2.5
4.5
3M-2020
ASP/APP(USD/MMBTU)
8.57
5.59
3M-2021
8.39
Gross Spread(USD/MMBTU
2016 2017 2018
8.54
2019
7.59
2020
8.64
5.94 6.07 6.20 6.37
5.72
8.64
6.24
7.23
ASP SpreadAPP
LPG - 12 kg
LPG - 3 kg
Coal
19.99
PGN’s Avg
MFO
8.48
LPG - 50 kg
HSD (Solar)
RON 88 20.43
7.23
23.54
18.93
3.36
24.68+241%
+176%
+183%
-54%
+226%
PGN’s ASP vs Other Energy
16
Business Updates
▪ Consolidated gas spread or margin in 3M-2021 was lowercompared to the same period last year as the implementationof Ministerial Decree Numbers 89 & 91 Year 2020 did not occurin 3M-2020
▪ Natural gas remain competitive compared to oil related fuel.
▪ Increasing distribution pipeline in 3M21 ± 14 km
1.172 1.209
2.776 2.908
1.221 1.235 1.247 1.249
1.046 1.053
2.988 3.026 3.092 3.102
1.126 1.149 1.187 1.188
7
2016 202020182017
8
2019
90 90
3M-2021
4.994 5.169 5.342 5.418 5.615 5.629
Distribution Pipeline (KM)
ICP : USD 59.01/barrel USD/IDR : 14,572(as of 31 March 2021 )
Conocophillips
Others
Pertamina Group
Piped Gas LNG
92
1,342
0
1,3
75
1,2110
25
18
1,369
20168
8
1,255
3
47
20192017
110
14
19
1,3
36
41
,25
1
3M-20212020
1,3
34
3M-2020
81
,20
0
2018
84
1,447
76
-10%
158121
10
3M-20213M-2020
0
-28%
9,9
99
9,1
76
3M-2020 3M-2021
-8%
1.006 1.006 1.006 1.006 1.006 1.006
1.077 1.077 1.144 1.145 1.146 1.146
2.223 2.399 2.721 2.721
201201
2016
201
4.574
20182017 2019
201 201
2020
201
3M-2021
2.284 2.284
4.7515.073 5.073
Pertagas
TGI
KJG
PGN
Transmission Pipeline (KM)
3M-2021
Operational Highlights:Gas Transmission
*) Excl. TGI Volume
11185
3M-2020 3M-2021
-23%
Oil T
ran
spo
rta
tio
n (
Ba
rre
l)
LPG
Pro
ce
ssin
g (T
PD
)
Re
ga
sific
atio
n (
BB
TUD
)
Other Business Segments
17
LPG Pd. Tengah
LPG MKS
Business Updates
▪ Pandemic impact on weakening consumption of gas contributes tolower gas transportation through Pertagas and PGN transmissionpipeline.
▪ Downward trends seen in other business segments due to weakeningdemand as well as the shutdown of Pd. Tengah LPG plant due todeclining feed gas.
Volume*(MMSCFD)
Pertagas PGN KJG TGI
Gas Transmission Revenue
Gas Transmission Revenue
Finance Lease Revenue
Profit from Joint Ventures
Crude Oil (BOEPD)
475
3M-2020
5,943
11,290
10,865
385
3,085
4,154
1,822
3M2021
20,794
17,226
-17%
LPG LNG Gas Oil
1,771
2
3,024
59 4
3M-2020
47
3M-2021
3,085
1,822
-41%
8
5
5
116
5
34 30
12 10
2
0
3M-2020 3M-2021
6563
-4%
34
24
24
34
3M-2020 3M-2021
-30%
Gas (BBTUD) LNG (BBTUD) LPG (MTPD)
41
33
33
3M-2020 3M-2021
41
-19%
Oil Gas Lifting (BOEPD)
Business Updates
▪ Weakening global oil and LNG demand impacted the production that translate to lower lifting volume YoY
▪ Pangkah PSC has additional upside for near term production and reserve growth
potentials through West Pangkah and Sidayu development
Pangkah
Fasken
Muriah
Ketapang
Bangkanai
Muara Bakau
18
3M–2021
Operational Highlights:Upstream Lifting
3M–2021Financial PerformanceIncome Statement | Balance Sheet | Cashflow | Financial Ratios | Debt Profile | CAPEX
3M–2021
Financial Highlights:Consolidated Income Statement
874
587
287
172
48
260
733
532
201
9662
191
Operating Income
Cost of Revenue
Revenue Net ProfitGross Profit EBITDA
-16%
+29%
-26%
31-Mar-20
31-Mar-21
(US$ Million)
Revenues(US$ Million)
31 Mar 2020 31 Mar 2021
Gas Commercial 693 596
Gas Transmission 65 59
Oil Transportation 5 4
E&P 76 47
Fiber Optic 4 4
Finance Lease - -
Gas Processing 25 21
Regasification - -
Others 4 1
Total 874 733
▪ Consolidated Revenue driven by lower contribution primarily from distributionsegments due to the implementation of MEMR 89 and 91 as well as the impact ofCovid-19 on lower energy demand to other business segments.
▪ Increasing Net Profit primarily contributed by higher profits from joint ventures,lower opex and gain in forex, despite lower generated revenues
▪ Consolidated EBITDA mainly contributed from lower operating income as well aslower depreciation of Saka
20
89%
6%4%
11%
89%
Revenue Contribution
EBITDA Contribution
Distribution & Transmission
Upstream
Others
Distribution, Transmission & Others
3M–2021
Financial Highlights:Consolidated Balance Sheet
Consolidated Cashflow
Cash Flow(ÙS$ Million)
31 Mar 2020 31 Mar 2021
Beginning Balance 1,040 1,1790
Cash flow from operating 182 167
Cash flow from investment 101 (96)
Cash flow from financing 89 (60)
Foreign Exchange Impact (66)(14)
Ending Balance 1,346 1,177
Financial Ratios 31 Mar 2020 31 Mar 2021
EBITDA Margin 30% 26%
EBITDA /Interest Expense (x) 6.9 5.3
Debt-to-Equity (x) 0.9 0.8
2,955
Current Assets
2,006
Total Liabilities
Non Current Assets
Total Assets Current Liabilities
Non Current Liabilities
3,347
Total Equity
4,579
2,067
5,528 5,457
7,534 7,525
1,183 1,155
3,395
4,502
3,022
31 Dec 2020 (Audited)
31-Mar-21
Total Assets and Total Liabilities primarily affected by depreciation of asset and the repayment of loan respectively.
Consolidated cash flow reflecting lower operating cash due to the impact of the implementation of lower price regulation on our sales
21
(US$ Million)
22
3M–2021
Debt Profile
Total LoanUS$ 2.50 Billion
Weighted Average Interest Rate 4.41%(Excl. Tax)
Debt Maturity Profile *(US$ Million)
Interest Payment* (US$ Million)
*) The amount stated above may differ due to loan prepayment and/or withdrawal, currency and rate volatility **) Pertagas Shareholder Loan is lent by PT Pertamina (Persero) A = Actual; E = Estimate
84.6%
0.3%12.3%
USD JPY IDR
8%
92%
Float Rate Fixed Rate
19
14
2023E
30
73
6
68
2020A1
82022E2021E
41
20
41
20
1,9
75
2024E
21
2
2025E
26
26
>2026E
Shareholder Loan**
Commercial & Multilateral Loan
Bonds
97 97 97 97
49
14
30
9
6
2020A
68 5
2021E
5
2022E
3
2023E
51
2024E
41
2025E
0
>2026E
Entities PGN SAKA Pertagas* PGASSOL
Lender JBIC(JPY)
IBRD(USD)
Bond(USD)
Bond(USD)
Pertamina SHL (USD)
Bank Mandiri(IDR)
Outstanding 35,004,596,000 25,267,563 1,350,000,000 625,000,000 173,151,139 130,000,000,000
Maturity 2043 2026 2024 2024 2023 - 2028 2021
23
3M–2021
CAPEX
Business Segments CapexTarget FY21
(US$ Million)YTD-March 2021
(US$ Million)Notes
Transmission Pipelines 160-197 30 • Development of Rokan oil transmission pipelines• Development of Gresik-Semarang gas transmission pipelines• Preparation on the development of gas transmission pipelines to Senipah oil refinery in
Balikpapan
Gas commercial infrastructures 147-180 2 • Gas distribution pipeline expansion projects to residential customers• Gas distribution pipeline expansion projects to PGN’s and Pertagas’ industrial
customers
Portfolio 63-83 7 • Pangkah oil & gas block development project including West Pangkah and Sidayu fields.• Muara Bakau oil & gas block development project• Bangkanai and West Bangkanai oil & gas blocks development
Services 43-63 0 • Internet infrastructure development to residential customers• Telecommunication infrastructure development• Construction as well as O&M services
Storage 35-44 1 • LNG regasification terminal infrastructure development• LNG refuelling facility in Bontang• Wet calibration metering system facility in Lampung
Non-gas transportation pipeline
42-53 0 • LNG infrastructure development in East Java;• Ministerial Decree of MEMR Nomor13 Year 2020 in relations to the conversion of more
than PLN’s 50 power plants situated mostly in Eastern part of Indonesia.
TOTAL 490 – 620 40
Capex spending reached US$40 million in 3M-2021 with the following breakdown:
Strategic Projects & Investment Updates
25
PROJECT
BALAM-BANGKO-DUMAI AND MINAS-DURI-DUMAI CORRIDORS CRUDE OIL PIPELINE REPLACEMENT PROJECT
DESIGN
LENGTH: 367 KM, PIPE DIAMETER 4” – 24”POTENTIAL TRANSPORTATION VOLUME: 265.000 B0PD
TARGET ON-STREAM
• NORTH SEGMENTS (BALAM-BANGKO-DUMAI AND DURI-DUMAI): AUGUST 2021• SOUTH SEGMENTS (MINAS-DURI): JANUARY 2022
PROGRESS
• LINEPIPE HRC (HOT-ROLLED COIL) PRODUCTION: 100%• LINEPIPE TOOLING & COATING: 94%• EPC CONTRACTOR: 12,37%
SCOPE
• 12 PIPELINE SEGMENTS• 3 STATIONS (DURI PUMPING STA, DUMAI METERING STA, BATANG MANIFOLD STA)
OBJECTIVES
• TO STRENGTHEN OIL AND GAS TRANSPORTATION PORTFOLIO AND REVENUE• TO SUPPORT ROKAN BLOCK OIL LIFTING VOLUME (1/3 OF NATIONAL OIL LIFTING)
Crude Oil Transportation Pipeline
Rokan Crude Oil Pipeline
Oil to Gas Conversion RU IV Cilacap
Fuel conversion for Hydrogen Plant at Refinery Fuel Oil
(RFO) Cilacap
Potential Volume : ± 90 BBTUD ≈ ± 16.4 thousand BOEPD
R DMP C ilac ap
Cilacap
Balikpapan Sorong
TubanBalongan
R DMP B alikpapan
GR R Tuban
R DMP B alongan
K ilang TPPI
Downstream Infrastructure Projects
Oil to Gas Conversion for Refineries
26
Progress : • Balongan refinery has been supplied with gas since the fourth
quarter of 2019 with a volume of 8 BBTUD.• RU IV Cilacap : Advanced Study Stage• RU V Balikpapan: Advanced Study stage
LNG Source
RU IV - CilacapLand-based LNG RT
Oil to Gas Conversion RU V Balikpapan
(Gas Pipeline Project Senipah – RU V Balikpapan)
Progress:• Signing of LNG Supply & Development Master Agreement between PGN and PLN• Preparation for Quick Win projects consist of PLTMG Nias, Tj Selor and Sorong
➢ Nias & Tj Selor : On progress discussion & negotiation with PLN;➢ Sorong : Completion of construction (last bolt connection)
56 HSD Power Plants (Capacity 1.8 GW)
Downstream Infrastructure Projects
Oil to Gas Conversion for Power Plants
27
Quick Win : 3 locationPhase 1 : 30 location (6 Cluster)Phase 2 : TBA (waiting for confirmation of new RUPTL PLN)
APBN 2020 : 135,286 SR*
City Gas Project
23 cities/regencies
Phase : 23 cities/regenciesProgress : 99.98%
PGN 2020 : 50.000 SR
Jakarta dan Tangerang
Feasibility Study, FEED-DEDCInitial Business Proposal
Progress:
*)• Adjustment to the City Gas Project APBN 2020 due to efficiency policy from Government, originally 266,070
household connections in 2020 divided into 127,864 in 2020 and 120,776 in 2021.• To optimize state budget and development of city gas, there was additional work from 127,864 connections to
135,286 connections• From 135,286 household connections plan, as per 31 December realized 135,045 connections.
Progress:
28
Investor Relations:PT Perusahaan Gas Negara Tbk
Mid Tower Manhattan 26th Floor
Jl. TB Simatupang Kav. 1-S, Jakarta, Indonesia
Email: [email protected]
URL: https://ir.pgn.co.id/
Phone: +62 21 8064 1111
HEADQUARTERJl. K.H. Zainul Arifin No. 20, Jakarta, Indonesia
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