Pertamina

PT Pertamina (Persero) or Pertamina (was Perusahaan Pertambangan Minyak dan Gas Bumi Negara, lit. 'State Oil and Natural Gas Mining Company') is an Indonesian state-owned oil and natural gas corporation based in Jakarta.[2] It was created in August 1968 by the merger of Pertamin (established 1961) and Permina (established 1957). The firm is currently (2013) the second-largest crude oil producer in Indonesia behind the US-based Chevron Pacific Indonesia.[3] In 2013 for the first time, Pertamina ranked no. 122 in the Fortune Global 500 list of companies with revenues totalling to $70.9 billion,[4] Pertamina is also the sole Indonesian company to be featured in the list.[5]

PT Pertamina (Persero)
Formerly
  • PN Pertambangan Minyak dan Gas Bumi Nasional (1968-1971)
  • Perusahaan Pertambangan Minyak dan Gas Bumi Negara (1971-2003)
State-owned perseroan terbatas
Statutory corporation between 1968 and 2003
IndustryOil and gas
FoundedAugust 1968 (1968-08)
HeadquartersJakarta, Indonesia
Key people
Basuki Tjahaja Purnama (President commissioner)
Nicke Widyawati
(President director)
ProductsFuels, lubricants, petrochemicals
Revenue $36.5 billion (2016)[1]
$8.5 billion (2016)[1]
$5.0 billion (2016)[1]
Total assets $47.2 billion (2016)[1]
Total equity $22.1 billion (2016)[1]
Number of employees
27,318 (2016)[1]
SubsidiariesPerusahaan Gas Negara
Websitewww.pertamina.com

History

Nationalization

In 1957, Dutch assets in petroleum were nationalised, from which Permina was founded as a state-owned oil monopoly, headed by Lieutenant-General Ibnu Sutowo.[6] Ibnu Sutowo's position as the second deputy of Abdul Haris Nasution was the beginning of the armed forces' involvement in the oil industry.[7] Permina distributed oil for the entire archipelago.

Permina founded the Apprentice Technical School (Sekolah Kader Teknik) in Brandan to train and produce experts in the field. To meet this goal Permina established the Oil Academy in Bandung in 1962. Oil Academy's curriculum pertains to the technical aspects of the oil industry, and the graduates became the main forces of Pertamin (which later transformed to Pertamina).

In 1960, the People's Consultative Assembly (provisional) enacted a policy that the mining of Indonesian oil and ground gases are only permitted for the state, through a state-administered company. Pertamin, established in 1961, was responsible for the administration, management and controlling of the exploration and production. The policy was short lived. An agreement between the state and foreign companies was affirmed that gradually, oil refinery manufactures and other assets in marketing and distribution were to be sold to Indonesia within five to fifteen years.

In 1968, to consolidate oil and gas industry for its management, exploration, marketing and distribution, Permina and Pertamin merged and became PN. Pertamina. It continued to do little drilling itself, but made production-sharing agreements with foreign companies.

The 1970s

After the merge, Pertamina's production rose considerably (about 15% each in 1968 and 1969, and nearly 20% in 1973).[8] By the end of 1973, it directly produced 28.2% of Indonesia's oil, with agreements of Caltex and Stanvac to produce the rest (67.8% and 3.6%, respectively). Its assets included seven refineries, oil terminals, 116 tankers, 102 other vessels and an airline. It was also active in cement, fertiliser, liquid natural gas, steel, hospitals, real estate, a rice estate, and telecommunications.

The 1974 oil price increases produced revenues of $4.2 billion in that year, equivalent to approximately one sixth of Indonesia's gross domestic product. Much of this revenue was used by Sutowo to expand Pertamina's interests far beyond oil production to include investments in oil tankers, steel and construction.[9] Pertamina built the Bina Graha, the presidential executive office building in Jakarta.[10] The global oil crisis of the 1970s greatly increased oil prices and profits. Pertamina initially provided a fiscal lift to the hopes of Indonesia's development planners.

For President Suharto and other members of the ruling elite revenue from Pertamina was "an ongoing source of funding" without accountability. "They ran this cash-cow into the ground, using it for both military and personal ends."[11] Historian Adrian Vickers describes the endemic corruption at Pertamina:

At each stage of the transaction chain somebody was getting a percentage... If accidents occurred, as in 1972 when eighty impoverished people died... they could be covered up.[12]

Fokker F.27 Series 200 Friendship of Pertamina used for transport of employees and equipment during the 1970s

In 1973, the government's ability to borrow money from overseas was constrained, and Pertamina was no longer providing revenues to the state. Instead, the massive enterprise turned out not to be making money, but compiling exponentially large losses. In February 1975, Pertamina could no longer pay its American and Canadian creditors.[13] An investigation followed, which revealed over US$10 billion in debts, mismanagement, and corruption within the company. This debt was equivalent to approximately thirty percent of Indonesia's GNP at the time.[14] Others offer a figure of a $15 billion debt.[15] A public investigation hurt the reputation of the national elite both among Indonesians and foreigners. The charges against Ibnu Sutowo were dismissed. Ibnu Sutowo and his family were among the richest and most powerful in Indonesia, into the 21st century.[11] The government took over the operation of the company and sought means by which to repay its debts.[10] Pertamina's debt problems were eventually solved through a large government bail-out, which nearly doubled Indonesia's foreign debt.[14]

Since the 1980s

Human rights observers have long expressed concerns about Indonesia's hostility to labour unions. According to the Multinational Monitor: "In 1985, the government ordered the firing of over 1,600 workers at Pertamina and foreign oil companies, charging that they had been members of the Indonesian Communist Party, which had been banned 19 years earlier when Suharto took power." [16]

In 2003 Pertamina legally became PT. Pertamina (Persero), as per the enactment of Government Regulation No.31/2003. Pertamina is now under the coordinator of the State Minister of State-owned Enterprises.

Like other contractors, Pertamina holds Cooperation Contract to the Oil and Gas Regulatory Body. With its transformation into a limited liability company, Pertamina has become a business entity with the main target of making a profit.

President directors

During the 1970s, until 1976, the president director of Pertamina was Ibnu Sutowo, a well-known figure in Indonesia. Since then, there have been a number of president directors. Recent president directors have included the following:

No Name Begin End
1 Soegijanto 1996 1998
2 Martiono Hadianto 1998 2000
3 Baihaki Hakim 2000 2003
4 Ariffi Nawawi 2003 2004
5 Widya Purnama 2004 2006
6 Ari Hernanto Soemarno 2006 2009
7 Karen Agustiawan 2009 2014
8 Dwi Soetjipto 2014 2017
9 Elia Massa Manik 2017 2018
10 Nicke Widyawati 2018 present

Soegijanto (1996 to 1998).

Martiono Hadianto (1998–2000). Before his appointment as president director of Pertamina, Martiono was briefly Finance Director of the state-owned airline company Garuda Indonesia[17]

Baihaki Hakim (2000–2003). Baihaki was formerly president of Chevron Texaco's subsidiary in Indonesia PT Caltex Pacific Indonesia. He was appointed as president director of Pertamina by president Abdurrahman Wahid in 2000. Subsequent to his resignation in 2003, there was controversy surrounding decisions taken in Pertamina during his period as president director concerning the purchase of giant tankers for the transport of oil.[18]

Ariffi Nawawi (2003–2004).

Widya Purnama (2004–2006). Widya Purnama was appointed from outside of the energy sector, formerly having been president (since 2002) of the Indonesian telecommunications company PT Indosat.

Ari Hernanto Soemarno (2006 – 2009).

Karen Agustiawan (2009–2014). In February 2009 it was announced that Karen Agustiawan would become president director of Pertamina for a five-year term.[19] Her appointment was extended in 2013.[20] She resigned for unannounced reasons in August 2014. It was said at the time that she had plans to teach in Harvard University in the United States.[21]

Dwi Soetjipto. In November 2014, the new president of Indonesia Joko Widodo announced a major reorganisation of the board of Pertamina as part of a series of reform measures for the energy sector. A new president director, Dwi Soetjipto, was appointed along with a number of new members to the board. The appointment of Dwi Soetjipto, previously president director of the major state-owned cement firm PT Semen Indonesia, attracted media attention because unlike most previous president directors of Pertamina, he had little previous experience in the oil sector.[22]

Elia Massa Manik. In March 2017, after Soetjipto was dismissed due to leadership issues, the Board appointed Manik who had served as president director of Elnusa, a Pertamina subsidiary, from 2011 to 2014. He then spent a period as the CEO of PT Perkebunan Nusantara (PTPN) III, the holding company of 14 state-owned agriculture firms.[23]

Nicke Widyawati. In late August 2018, it was announced that president Jokowi had decided that Nicke Widyawati, who had been acting president director since March, would be confirmed in the position of head of Pertamina. The decision was announced at a press conference in the Ministry for State-Owned Enterprises on 29 August.[24]

Facilities

Refineries
Pertamina gas station in Indonesia

Pertamina has not built any new refineries since the Balongan refinery was opened in West Java in the mid-1990s.[25]

PTT Public Company Limited and Pertamina signed into partnership to build a new petrochemical complex in Indonesia for an estimated cost of US $4 to 5 billion.[26]

Currently (2013) Pertamina owns six oil refineries which have a total combined capacity of around 1 million barrels (160 thousand cubic metres) of oil per day:[27]

Pertamina: Refineries in Indonesia
No Refinery Unit (RU) Unit Province Capacity
(103 bbl/d)		 Capacity
(103 m3/d)
1 RU II Dumai Riau 127 20.2
2 RU III Plaju (Musi) South Sumatra 127 20.2
3 RU IV Cilacap Central Java 348 55.3
4 RU V Balikpapan East Kalimantan 260 41
5 RU VI Balongan West Java 125 19.9
6 RU VII Kasim/Sorong West Papua 10 1.6
Total 997 159

Source:Indonesian Ministry of Energy and Resources, 2012 Handbook of Energy and Economic Statistics of Indonesia.
(Note. By world standards, none of Indonesia's refineries are large. The world's largest refinery, at Jamnagar in India, has a production capacity of over 1,200,000 barrels (190,000 cubic metres) per day. As a rule of thumb, refineries need to produce at least 200,000 bbl (32,000 m3) per day to reach reasonable international standards of efficiency.)[28]

There are several other refineries in Indonesia which Pertamina has responsibilities for:

Other Refineries in Indonesia
No Unit Province Capacity
(103 bbl/d)
 Capacity
(103 m3/d)
1 Sungei Pakning Riau 50 7.9
2 Pangkalan Brandan North Sumatra 5 0.79
3 Cepu Central Java 4 0.64
4 Tuban (TPPI)[29] East Java 100 16

Source:Indonesian Ministry of Energy and Resources, 2012 Handbook of Energy and Economic Statistics of Indonesia.

In addition to the refineries which Pertamina owns, Pertamina has invested in two operating companies which manage output from LNG plants.

  • PT Badak LNG operates a plant in Bontang, East Kalimantan, with 8 trains having a total capacity of 22.5 million tons per annum.
  • PT Donggi Senoro LNG in Uso Village, Batui Subdistrict, Banggai Regency, Central Sulawesi Province, with 1 train with a capacity of 2 million tons per annum.[30]

Pertamina also invested in the PT Arun 6 LNG trains near Lhokseumawe, Aceh, which had a total capacity of 12.5 million tons per annum. They closed down due to lack of feed gas in 2014, and now Arun is used an LNG import terminal.[31]

During 2012 and early 2013, it was announced several times that there were plans to build two more large fuel refineries, each with a capacity of around 300,000 barrels (48,000 cubic metres) per day, perhaps in Balongan, West Java (or, alternatively, in Bontang, East Kalimantan) and in Tuban, East Java. The first facility was planned to be built by Pertamina in partnership with Kuwait Petroleum, while the second was expected be built by Pertamina in co-operation with Saudi Aramco. Total investment was expected to be around $20 billion.[32] One main problem holding up agreement to build the refineries was the issue of financial concessions to be provided for the foreign investors.[33] Eventually, in September 2013 it was announced that the plans for the first refinery had been cancelled. At the same time, the government said that there were plans for yet a different refinery project which would be constructed solely by Pertamina and funded by the state. The crude oil for this alternative project was expected to be supplied from Iraq.[34] Pending further progress on these large investment plans, Pertamina has announced (late 2014) plans to upgrade the existing refineries so as to add around 500,000 bbl (79,000 m3) per day to Pertamina's current refining capacity of around 1 million bbl (160 thousand m3) per day.[35]

Pertamina also has two gas reserves and a petrochemical company. Pertamina's products include a great variety of fuels, chemicals, additives, and retail products.

Petrol pumps

Pertamina is the largest distribution network of petroleum products (gas stations, etc.) in Indonesia.

Bright Convenience Store

Along with the gas stations, Pertamina also has a convenience store chain, integrated with their gas stations. The development of Bright convenience stores and cafes is self-governed by PT Pertamina Retail.[36]

Subsidiaries

These are 27 subsidiaries of Pertamina based on Pertamina Annual Report 2016.[37]

  • Pertamina EP

PT Pertamina EP (PEP) is engaged in managing the upstream oil and gas production through a more manageable exploration and exploitation activities. Adding to that, PEP has been undertaking other supporting businesses, which have been intended to back up the main business directly or indirectly.

Presently, Pertamina EP production level for oil is around 127.6 million barrels (20.3 million cubic metres) per day and around 1,054 million cubic feet (29.8 million cubic metres) per day at standard conditions for gas.

Pertamina EP Working Areas of 140.000 km2 were once largely PT Pertamina (Persero)’s Oil and Gas Mining Authority Zone. The working areas are managed through own operation and partnership co-operation.

Pertamina EP Working Areas consist of five assets. The operation of those assets comprise 19 Field Areas, namely Rantau, Pangkalan Susu, Lirik, Jambi and Ramba in Asset 1, Prabumulih, Adera, Limau and Pendopo in Asset 2, Tambun, Subang and Jatibarang in Asset 3, Cepu in Asset 4 as well as Sangatta, Sangasanga, Bunyu, Tarakan, Tanjung and Papua in Asset 5.

Beside the management of working areas as stated earlier, other business patterns include management through projects, such as Pondok Makmur Development Project in West Java, Paku Gajah Development Project in South Sumatera, Jawa Gas Development Project in Central Java, and Matindok Gas Development Project in Central Sulawesi.

  • Pertamina Gas

Pertamina established PT Pertagas on 23 February 2007, and it became PT Pertamina Gas in 2008. The company undertakes gas transportation, trading and processing. In the gas transmission business, Pertamina owns a gas pipeline network with a total volume of 34,000 km-inches in Northern Sumatra, Central Sumatra, Southern Sumatra, Western Java, Eastern Java, and East Kalimantan

In January 2009, PT Pertamina Gas obtained a Transportation Permit and in February 2009, it received an exclusive right from BPH Migas for gas transportation along 43 transmission routes. These permit and exclusive rights complemented the business permit that had been issued previously (in September 2008). By obtaining a business license and special rights, PT Pertamina Gas now has a regulatory basis to play the principal role in the gas business in Indonesia.

  • Pertamina Geothermal Energy

PGE was founded on 12 December 2006. This Pertamina subsidiary carries out geothermal exploration and exploitation in 15 working areas (WKP) in Indonesia, namely: Sibayak-Sinabung, Sibual-buali–Sarulla, Sungai Penuh-Sumurup, Tambang Sawah-Hululais, Lumut Balai, Waypanas-Ulubelu, Cibereum-Parabakti, Pengalengan (Patuha-Wayang Windu), Kamojang-Darajat, Karaha-Telagabodas, Dieng, Iyang-Argopuro, Tabanan-Bali, Lahendong-Tompaso and Kotamobagu.

  • Pertamina EP Cepu

PEP Cepu, which was established on 14 September 2005, is a subsidiary of PT Pertamina (Persero) that focuses on the upstream oil and gas business. In the Cepu Block, Pertamina has a 45% interest in partnership with Mobil Cepu Ltd (as the operator) and the Regional Owned Enterprise (BUMD) that manages the KKS for the Cepu Block.

  • Pertamina Drilling Services Indonesia

PT PDSI was established on 13 June 2008 as a drilling service management business entity. The services provided comprise drilling, workover activities, and drilling services that use a Daily Rate and Integrated Drilling Management (MPT) system for oil, gas, and geothermal wells.

Presently, PT PDSI owns 34 drilling rigs (28 owned by PT PDSI and 6 transferred from PT Usayana)

  • Pertamina Hulu Energy

PHE is one of the Upstream Directorate subsidiaries working in the oil and gas upstream business, and is also an upstream business vehicle for managing the domestic and overseas co-operation portfolio in the form of: Production Sharing Contracts (PSC), Joint Operating Body-Production Sharing Contracts (JOB-PSC), Indonesian Participating / Pertamina Participating Interests (IP/PPI) and Badan Operasi Bersama (BOB). PHE’s overseas working areas covered: Western Desert Block 3,Iraq; Block 10&11.1, Offshore South Vietnam; Block SK-305, Offshore Sarawak, Malaysia; Sabratah 17-3 Block, Offshore Libya; Sirte 123-3 Block, Libya; Block 13, Red Sea, Offshore Sudan; Block-3, Offshore Qatar; and Basker Manta Gummy Block, Australia.

  • Pertamina Internasional EP

Pertamina Internasional Eksplorasi dan Produksi (PIEP) is established on 18 November 2013, based on the need for an international asset management that is focused on overseas assets of PT Pertamina (Persero).[38]

  • Pertamina EP Cepu ADK

PT Pertamina EP Cepu ADK hereinafter referred to as PEPC ADK was established on 15 August 2013 in order to manage Fields of Alas Dara and Kemuning (ADK). Following the prevailing rules and legislation in the Ministry of Energy and Mineral Resources, the PSC between SKKMigas and PEPC ADK was signed on 26 February 2014. PEPC ADK is the operator of Alas Dara and Kemuning, located in Blora, Central Java, which was previously operated by Mobil Cepu Ltd. (MCL). In line with the commitment to the Government, PEPC ADK shall conduct Well Re-entry, Perform G&G Study, GGR Study, and exploration drilling. Since established, the PEPC ADK has never changed its name.[39]

  • ConocoPhillips Algeria Ltd

ConocoPhillips Algeria Ltd. owns three onshore oil fields. The company is based in Algeria. As of 27 November 2013, ConocoPhillips Algeria Ltd. operates as a subsidiary of PT Pertamina (Persero).[40]

  • Pertamina Power Indonesia
  • Pertamina Patra Niaga
  • Pertamina Trans Kontinental
  • Pertamina Retail
  • Pertamina Lubricants
  • Pertamina Internasional Shipping
  • Pertamina Training & Consulting
  • Patra Jasa
  • Tugu Pratama Indonesia
  • Pertamina Bina Medika
  • Pelita Air Service
  • Pertamina Dana Ventura
  • Elnusa, Tbk.
  • Pertamina Internasional Timor S.A.
  • Pertamina Hulu Indonesia
  • Pertamina East Natuna
  • Pertamina Energy Trading Limited
  • Pertamina E&P Libya

Products

There are various PERTAMINA products consisting of fuel (BBM), non-fuel, gas, petrochemical products, and lubricants.[41]

Financial summary

Pertamina: Summary balance sheet as at 31 December 2016

Assets$ billLiabilities and equity$ bill
Current16.2Short-term liabilities8.1
Non-current31.0Long-term liabilities17.1
Total liabilities25.2
Equity22.1
Total47.2Total47.2

2016 data:

  • Total sales: $36.5 billion
  • Gross profit: $8.5 billion
  • Net profit: $3.2 billion

Source: Pertamina website, Annual Reports.

Sports sponsorships

Rio Haryanto, Indonesia's first Formula One driver, was sponsored by Pertamina throughout his junior career and played a pivotal role in securing his drive with the Manor Racing team in 2016. The company also sponsors Formula Two team Arden through its Indonesian driver, Sean Gelael, as well as being a primary backer of the Lamborghini Super Trofeo Asia Championship. Pertamina also sponsored Italian automotive giants Lamborghini since 2015.

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References
  1. "Pertamina 2016 Annual Report" (PDF). Pertamina.com.
  2. Useful details about the history of Pertamina are contained in the book about Pertamina by Rhenald Kasali, DNA mutation of powerhouse: Pertamina on the move, PT Gramedia Pustaka Utama, Jakarta, 2008
  3. Azwar, Amahl S. (7 June 2013). "Re-elected CEO to bring Pertamina to 'number one'". The Jakarta Post.
  4. "Pertamina company profile". Indonesia-investments.com. 25 March 2014.
  5. "Pertamina Masuk Daftar 500 Perusahaan Terbesar Dunia". Bisinkeuangan.kompas.com. 16 July 2013.
  6. Vickers (2005), p. 185.
  7. Ricklefs, A History of Modern Indonesia Since c. 1300, 2nd ed., Stanford: Stanford University Press, 1994, p. 262.
  8. Ricklefs, 296
  9. Schwarz (1994), p. 55
  10. Ricklefs, 301
  11. Vickers, Adrian. 2005. A History of Modern Indonesia, Cambridge: University of Cambridge Press, p. 185.
  12. Vickers, Adrian. 2005. A History of Modern Indonesia, Cambridge: University of Cambridge Press, p. 187.
  13. McCawley, Peter. 1978. "Some Consequences of the Pertamina Crisis in Indonesia," Jour of Southeast Asian Studies, IX(1), March.
  14. Schwarz, A. (1994). A Nation in Waiting: Indonesia in the 1990s. Westview Press. ISBN 1-86373-635-2.
  15. cf., Vickers, Adrian. 2005. A History of Modern Indonesia, Cambridge: University of Cambridge Press, p. 185.
  16. Weissman 1990
  17. Satria Rangga Fausta, 'Martiono Hadianto: In zero competition, reputation alone exists', The Jakarta Post, 11 December 2010.
  18. 'Rent-seekers in Pertamina' Archived 5 December 2014 at the Wayback Machine, The Jakarta Post, 16 June 2004. See also 'Baihaki defends tanker purchase' Archived 5 December 2014 at the Wayback Machine, The Jakarta Post, 25 June 2004.
  19. Alfian, 'Karen Agustiawan: Challenges male domination of oil and gas industry', The Jakarta Post, 8 February 2009.
  20. Amahl S. Azwar, 'Karen gets rare extension to lead Pertamina', The Jakarta Post, 6 March 2013.
  21. 'Pertamina CEO resigns to pursue teaching career at Harvard: Dahlan', The Jakarta Post, 18 August 2014.
  22. Raras Cahyafitri, 'Semen Indonesia chief heading Pertamina', The Jakarta Post, 28 November 2014.
  23. Post, The Jakarta. "Elia Massa Manik appointed Pertamina chief". The Jakarta Post. Retrieved 5 May 2017.
  24. 'Jokowi has high hopes for new Pertamina CEO', The Jakarta Post, 29 August 2018, and Shotaro Tani, 'Pertamina's new CEO faces tough fight amid low state-set prices and rising costs', Nikkei Asian Review, 29 August 2018.
  25. Hanun Nugroho, 'Consumption keeps growing as energy infrastructure worsens', The Jakarta Post, 14 July 2008. see also Tito Summa Siahaan & Dominic G. Diongson, 'Crude Hurdles in Getting New Oil Refiniries', The Jakarta Globe, 20 May 2013.
  26. "Thailand's PTT delays Malaysia investment". Investvine.com. 1 April 2013. Retrieved 6 April 2013.
  27. Amahl S. Azwar, 'Top official urgest RI to offer incentives for refinery construction', The Jakarta Post, 7 January 2012. Further details (in Indonesian) are on the Pertamina refinery website Archived 15 January 2013 at the Wayback Machine.
  28. For a comparative list of oil refineries across the world, see this List of oil refineries.
  29. 'Tuban refinery reoperates' Archived 15 January 2017 at the Wayback Machine, 7 November 2013.
  30. "Donggi Senoro LNG project". Donggisenorolng.co.id. Archived from the original on 24 August 2017. Retrieved 5 June 2018.
  31. "New LNG story begins for Arun terminal". Lngworldnews.com. Retrieved 5 June 2018.
  32. Amahl S. Azwar, 'RI's dream for more oil refineries hits govt intransigence', The Jakarta Post, 13 February 2013 and Amahl S. Azwar, 'Indonesia to woo Iraq to invest in oil refineries', The Jakarta Post, 4 May 2013.
  33. Amahl S. Azwar, 'Govt to rebuff incentive proposal for oil refineries', The Jakarta Post, 20 May 2013.
  34. Amahl S. Azwar, 'RI oil: From OPEC to net importer', The Jakarta Post, 20 September 2013.
  35. Raras Cahyafitri, 'Pertamina plans to upgrade oil refineries', The Jakarta Post, 3 October 2014.
  36. "Pertamina Retail". Pertaminaretail.com. Retrieved 5 June 2018.
  37. https://www.pertamina.com/en/documents/laporan-tahunan
  38. http://www.piep.pertamina.com/siapa-kami
  39. "Archived copy" (PDF). Archived from the original (PDF) on 12 June 2018. Retrieved 7 June 2018.CS1 maint: archived copy as title (link)
  40. https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapid=225356407
  41. "Archived copy". Archived from the original on 14 December 2010. Retrieved 29 January 2011.CS1 maint: archived copy as title (link) Pertamina Products
  42. "Pertamax Turbo Segera Meluncur di Indonesia - Majalah Otomotif Indonesia". Iotomotif.com. 10 August 2016. Retrieved 5 June 2018.
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