Welcome back to Pertamina<\/p>\n
Martiono Hadianto, the former short-lived president director
\nof PT Pertamina, the state oil and gas company (14 months since
\n1998) has recently been elected as the chief commissioner of this
\ncompany, replacing Laksamana Sukardi, the former state minister
\nof state-owned enterprises (The Jakarta Post, Feb. 2).<\/p>\n
The election of Martiono has, at least, two meanings.
\nFirstly, it shows how serious President Susilo Bambang Yudhoyono
\nis about restructuring and rejuvenating state companies and
\nensuring they work with their resources for the sake of the
\nnational interest. And secondly, it gives the chance for PT
\nPertamina to, as present state enterprises minister Sugiharto
\nsaid, raise itself to become a world-class integrated oil and gas
\ncompany (Republika, Feb. 2).<\/p>\n
Nearly every Indonesian knows that state companies are
\nnormally treated as cash cows by those in power -- for private,
\nnot public, gain -- especially by government ministers.<\/p>\n
Years of this abuse of power has made the company grow
\nunhealthily and it has been slow to develop and compete with
\nother foreign oil companies, like, for instance, Malaysia's
\nPetronas.<\/p>\n
Petronas, once considered by many to be Pertamina's younger
\nsibling has now grown to become a world-class company. Since 2002
\nit has enjoyed remarkable profits; it became the seventh top
\nworld oil and gas company in 2003 and raked a profit of US$5
\nbillion in 2004 (Media Indonesia, Dec. 21). Petronas' strength is
\nconspicuously shown in its headquarters -- the twin towers in
\nKuala Lumpur; one of the tallest buildings in the world.<\/p>\n
Meanwhile, one of the important tasks of its board of
\ncommissioners is to direct and supervise the board of directors
\non the running of the company.<\/p>\n
Martiono, and commissioners Umar Said and Muhammad Abduh, as
\nindustry insiders will know about the good corporate governance
\nprincipals applied in Malaysia's Petronas. With this experience,
\nthey will hopefully work to make Pertamina profitable and
\ninternationally competitive.<\/p>\n
It will be interesting to see what happens to Pertamina in the
\nnear future in the hands of a new and fresh board of
\ncommissioners and an energetic minister.<\/p>\n
M. RUSDI, Jakarta<\/p>", "url": "https:\/\/jawawa.id\/newsitem\/welcome-back-to-pertamina-1447893297", "image": "" }, "sponsor": "Okusi Associates", "sponsor_url": "https:\/\/okusiassociates.com" }