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SOE Ministry slashes Pertamina’s board of directors to refocus business

first_imgThe government has cut the board of directors of state-owned oil and gas giant Pertamina from 11 positions to six, a leaked document shows, in a continued campaign to slim down national enterprises.State-Owned Enterprises (SOE) Minister Erick Thohir confirmed the move, saying the restructuring was aimed at refocusing the board’s role to focus on corporate management affairs such as finance and human capital, instead of operations.“The overall plan has been consistent. We want all SOEs to focus on their core businesses,” Erick said during a press conference on Friday. The restructuring, he continued, was expected to improve Pertamina’s business performance, which he said could be measured through, among other indicators, increased upstream oil and gas production and lower fuel distribution costs.Nicke Widyawati, Emma Sri Martini and Koeshartanto retained their positions as president director, finance director and human capital director, respectively. The former logistics, supply chain and infrastructure director, Mulyono, and asset management director M. Haryo Yunianto were appointed as the integrated logistics and infrastructure director and corporate services director, respectively.The remaining director positions for upstream operations, refining, corporate marketing, retail marketing, petrochemical, megaprojects, investment and risk management have been scrapped.Iman Rachman, the former president director of state asset management firm PT Perusahaan Pengelola Aset (PPA), is the only newcomer to Pertamina’s board of directors. Iman has experience in listed companies, Erick said. The board of commissioners, which includes former Jakarta governor Basuki “Ahok” Tjahaja Purnama, remains unchanged, according to the document.Pertamina is the latest in a series of SOEs to have its board of directors restructured to improve efficiency at the behest of the ministry. Last month, the SOE Ministry restructured 14 national plantation firms to consolidate PT Perkebunan Nusantara III (PTPN) as the holding company of the firms. Similar to Pertamina’s restructuring, PTPN III will focus on corporate management while its subsidiaries will focus on producing various crops, such as palm oil, natural rubber and cocoa. Erick said that, going forward, Pertamina’s subsidiaries would also be grouped into specialized subholdings. He also expects two subholdings to be listed on the Indonesia Stock Exchange (IDX) within the next two years.“There will be one for upstream, one for marketing and there’s already PGN for gas,” he said, referring to publicly-listed gas distributor PGN, which became the subholding company for all national gas-related firms under Pertamina in late 2018.Pertamina owns dozens more subsidiaries that operate all along the domestic oil and gas supply chain, including in exploration, refining, distribution and retail. Pertamina even has a subsidiary in property, PT Patra Jasa, and health care, PT Pertamina Bina Medika IHC.The company expects the new structure to make it more “agile” and “focused” in order to develop “world class capabilities” to become a global-scale energy company with market a value of US$100 billion.“With the [restructuring], Pertamina’s role as a holding will be directed into portfolio management and facilitating business synergy among all units under Pertamina Group, speeding up new business development and executing national programs,” reads a statement from the company published on Friday.“Meanwhile, subholding companies will perform the role of supporting operational excellence by developing their respective scales and synergy, speeding up business development and increasing their capabilities and flexibility in partnerships and funding.”Pertamina president director Nicke Widyawati said in April that the company would liquidate and divest its stakes in 25 direct and indirect subsidiaries to focus more on its core business.“We plan to liquidate and divest our stakes in eight subsidiaries this year and the rest next year,” she said, adding that many of the subsidiaries were no longer operational.Topics :last_img read more

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Tunisia set to reopen museum after attack

first_imgTunisia’s Bardo Museum to reopen after deadly attackTunisia is set to reopen the Bardo Museum to the public with a grand ceremony on Tuesday less than a week after gunmen killed at least 20 people including tourists.The move comes as the government continued a crack down on suspected militants and beefing up security.Many members of the public have welcomed President Essebsi’s move to fire top Tunis security chiefs following last week’s jihadist attack, in which 20 people lost their lives.A concert and a public rally are expected, with museum officials saying they want to show the world that the gunmen “haven’t achieved their goal”.On Monday, Tunisia’s prime minister dismissed six police chiefs.Two of the gunmen were killed by the security forces during last Wednesday’s attack, while a third is on the run, officials said.The attack was the deadliest in Tunisia since the uprising which led to the overthrow of long-serving ruler Zine al-Abidine Ben Ali in 2011.Suspects have been arrested over the attack but just two gunmen were thought to have raided the museum.They are said to have been trained in Libya in an area controlled by Islamic State (IS) militants.last_img read more

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Heisler: Kawhi Leonard won’t become a Laker soon – or maybe ever

first_img Whicker: Can the NBA survive in the ecosystem it built? Kawhi today, gone tomorrow.The Other Shoe of the summer of 2018 finally dropped, in Toronto, a long way from Lakerdom where fans were so recently hoping Kawhi Leonard would join LeBron James.Not that it ever had a ghost of a chance of happening, much as Magic Johnson hoped it would.Happily – actually, ecstatically – for the Lakers, they learned James didn’t require another superstar on site to join up. AD Quality Auto 360p 720p 1080p Top articles1/5READ MOREUCLA alum Kenny Clark signs four-year contract extension with PackersFor a 33-year-old, 15-year veteran who could demand anything he wanted, it was a generous choice and changed everything for the Lakers.Instead of having to go all-out for the two best players they could get now – which insiders like former Cleveland GM David Griffin thought would lead to volatile, post-Achilles-surgery DeMarcus Cousins after Paul George chose OKC with Leonard captive in San Antonio – the Lakers could save one of their two hard-earned maximum salary slots for next summer.For them, last week’s trade sending Leonard to Toronto – where he has no intention of staying – wasn’t the last major move of 2018 as much as the start of maneuvering for 2019.Now, however, the Lakers are no longer humble denizens of the lower reaches of the West who couldn’t get on free-agent lists, like Kevin Durant’s in 2016 … or LeBron’s in 2014 … or, in the case of their 2015 LaMarcus Aldridge presentation, turned him off so badly, they begged his agent to let them make another one.All that changed the moment James became a Laker. Lakers’ JR Smith took fatherly advice on his way back to the NBA An East GM recently told me, “With LeBron, you win the minimums battle,” but it’s actually more than that.A long list of role players will, indeed, choose to take the minimum alongside James, a popular, gregarious teammate whose presence ensures a winning season.His appeal extends to stars with a choice of $150 million deals. That’s also better with LeBron, who’ll handle the press and carry the weight of expectations.So the Lakers might have their choice of more stars than Leonard.Durant’s contract can opt out again next summer. Now 30, he just signed a two-year, $61 million deal with the Warriors, taking almost $100 million less to become a free agent again in 2019.No, I can’t imagine KD bailing on the Warriors for the Lakers, after bailing on the Thunder for the Warriors.On the other hand, it is what it is – and KD set it up this way after James texted him before the start of free agency, asking if he wanted to join him with the Lakers.Sign up for Home Turf and get exclusive stories every SoCal sports fan must read, sent daily. Subscribe here.Before July 1, Leonard was all-important to the Lakers with all agreed James wouldn’t come by himself. Because that what LeBron’s people were signaling, probably because that’s what he was thinking.Kawhi was so important, the Lakers were willing to gamble on him after he blew off a season with a thigh injury that didn’t look like a months-long issue, then blamed the Spurs, who had nurtured him so appreciatively, for whatever he was upset about without telling them, or anyone, what that was.The Spurs are as buttoned-up as organizations get but fiercely loyal. Coach Gregg Popovich was trying to keep the heat off Leonard in January, long before there was any thought of losing him, giving pessimistic updates that suggested he might not be back this season.Popovich once all but ran the Spurs on autopilot with Tim Duncan, his indispensable team leader. Unfortunately for them, Duncan finally retired at 39 in 2016, leaving behind more fragile egos like Aldridge, known for complaining about having to play center, or not getting his shots, or wanting to be elsewhere.After two rocky seasons, Aldridge asked to be traded last summer. Popovich turned him around, promising to run their offense – the finest at moving the ball the game had ever seen when they rolled over Miami in the 2014 Finals – around him.Aldridge went back to getting his points, jumping from 17 to 18 points per game the previous two seasons to 23, as the Spurs faded into obscurity, No. 7 in the West, 18 games out of first.Leonard reportedly resented the favoritism shown to Aldridge, setting up the rift with the organization that doted on him, until the Spurs had no choice but to move him.I never thought Popovich would trade Leonard to the Lakers, the more so before July 1 when Kawhi looked like the key to getting James.Indeed, trade talks went nowhere. ESPN’s Ramona Shelburne quoted a Lakers official as saying the Spurs “shut us down.”With LeBron in hand, the Lakers soon dropped out of the running with key prospects, such as Kyle Kuzma, no longer available. Why give up promising players for Kawhi, whom they could get for free in a year?Leonard, who was not merely quiet, like Duncan, but a sphynx, can be expected to go back to being a great player next season, if only to keep his trade value so he can choose his destination.Of course, his No. 1 destination will have choices beyond him.Related Articles Brandon Ingram sees his Lakers tenure with more perspective center_img Lakers continue to struggle to find playoff form, falling to Pacers for third straight loss If multiple elite players want to be Lakers when the time comes, I’d guess Magic might choose a younger big man over Kawhi.New Orleans’ Anthony Davis, who would only be available via trade until he can opt out in the summer of 2020, is two years younger than Leonard, half a generation in NBA years.With a great perimeter player (assuming LeBron is as good at 34 as he was at 33), it would make sense to balance out their team by adding a big man, especially a transcendent one such as Davis, who scores inside and out, perfect for a team that wants to launch a Showtime version of today’s offensive revolution.In other words, there’s as much chance of Kawhi becoming a Clipper as becoming a Laker.In any case, the next 12 months will be even more interesting around here than the last 12.Editor’s note: An earlier version of this column reported that Anthony Davis can opt out of his contract in 2019. He cannot opt out until 2020 and is already eligible to sign a super-max contract (worth approximately $230 million) to stay in New Orleans. Kyle Kuzma bucks Lakers’ cold shooting trend in the bubble Newsroom GuidelinesNews TipsContact UsReport an Errorlast_img read more

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