Govt may replace Pertamina management<\/p>\n
The government is considering axing the board of directors and
\ncommissioners of state-owned oil and gas company PT Pertamina
\nover the controversial sale of its two supertankers that resulted
\nin a negative image for the company, a minister said on Monday.<\/p>\n
State Minister of State Enterprises Laksamana Sukardi said
\nthat the government was currently evaluating Pertamina's board of
\ndirectors and commissioners, and the result would be discussed in
\nthe next extraordinary shareholders' meeting.<\/p>\n
\"Changing the composition of the directors is a common measure
\nduring a transition period. If we consider them ineffective, we
\nwill fire them. We'll look into it,\" said Laksamana after a
\nmeeting with the Indonesian Chamber of Commerce and Trade
\n(Kadin).<\/p>\n
Laksamana, who is also Pertamina's chief commissioner, refused
\nto disclose the new management composition or the date of the
\nshareholders' meeting, pending the results of the evaluation by
\nhis office.<\/p>\n
He explained that the evaluation followed Pertamina's recent
\ncontroversial sale of its supertankers, and other complicated
\nproblems such as the oil subsidy, restructuring efforts and the
\nlack of transparency.<\/p>\n
Earlier this month, Pertamina sold its two tankers, known in
\nthe industry as Very Large Crude Carries (VLCC) for US$184
\nmillion to Norway-based Frontline Ltd. But the sale has not been
\nwithout controversy.<\/p>\n
While the company's management insists that selling the
\ntankers was better for Pertamina, which is in dire need of cash,
\nsome observers and Pertamina's workers union believe otherwise.
\n-- JP<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/govt-may-replace-pertamina-management-1447893297",
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"sponsor": "Okusi Associates",
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