Nicke Widyawati Says LNG Profit and Loss with Corpus Christi Cannot Yet Be Calculated

Former Pertamina President Director Nicke Widyawati said that the losses or gains from the procurement of liquefied natural gas (LNG) with Corpus Christi Liquefaction LLC (CCL) could not yet be calculated. She said the business contract would not end until 2040.

She said this while testifying as a witness in the alleged LNG procurement corruption case at the Jakarta Anti-Corruption Court on Thursday, 5 March 2026. The defendants in the trial are former Pertamina Gas Director Hari Karyuliarto and former VP of Strategic Planning and Business Development in the Gas Directorate Yenni Andayani.

‘So in relation to what you stated, you said that Pertamina was actually making a profit, at least until you left Pertamina, of USD 97 million in 2024. Has this profit ever been published by Pertamina?’ asked Hari Karyuliarto’s lawyer Wa Ode Nur Zainab.

‘The question is, why hasn’t this LNG profit been published?’ Wa Ode added.

Nicke then explained. She said that the profit or loss from the LNG procurement with CCL could not be determined yet because the cooperation contract remains in force until 2040.

‘It’s slightly different, sir, madam. Regarding Corpus Christi, this business is not finished yet. So we cannot declare a profit or loss today, because the contract runs until 2040. It would be assessed piece by piece, but commercially the business must be completed,’ Nicke replied.

Nicke said the cooperation contract differs from the Kuwait refinery Al Zour agreement. She said that at that time the refinery’s outputs were brought to Indonesia to bolster energy security.

‘Unlike Al-Zour, which was an event where the refinery’s output was brought to Indonesia—2 million barrels—to bolster energy security,’ she said.

Wa Ode then asked whether there had been any reprimands from shareholders at the General Meeting of Shareholders (GMS) regarding the LNG procurement with Corpus Christi. Nicke said there were none.

‘Was there a reprimand from the GMS, or alleged internal or external audits that said the GMS approval was required from the Commissioners? Has there ever been any reprimand from the Minister, who you know as the highest authority in this matter?’ Wa Ode asked.

‘No,’ Nicke replied.

Previously, prosecutors from the KPK indicted two new defendants in the LNG procurement corruption case: former Pertamina Gas Director Hari Karyuliarto and former VP of Strategic Planning and Business Development in the Gas Directorate Yenni Andayani. The indictment hearing was held at the Central Jakarta Anti-Corruption Court on Tuesday, 23 December 2025. They, along with former Pertamina President Director Galaila Karen Kardinah or Karen Agustiawan, who had already been convicted in this case, are named in the indictment.

‘Committing acts to enrich oneself or others or a corporation, i.e., enriching Galaila Karen Kardinah alias Karen Agustiawan by IDR 1,091,280,281 (around IDR 1 billion) and USD 104,016, and enriching Corpus Christi Liquefaction LLC by USD 113,839,186 (USD 113 million),’ the prosecutor said.

The prosecutor said the losses were based on the findings of the investigative audit by the Audit Board of Indonesia (BPK RI). The purchases were justified on the grounds of limited domestic gas stocks and Pertamina’s need to buy gas from the US.

The LNG procurement, the prosecutor said, was conducted based on best practices that Pertamina as the LNG seller for the state always follows.

After various negotiations and internal discussions, Pertamina purchased gas from Corpus Christi Liquefaction LLC. The prosecutor said that Pertamina did not yet have a stable domestic buyer to absorb LNG from the US company.

The prosecutor said the LNG purchases lacked final feasibility analysis or economic calculations, leading to an oversupply of LNG.

‘In fact, in line with interim risk assessments relating to the volume of LNG imports to be purchased by the Pertamina Gas Directorate, there should have been a gas sales agreement (GSA) before the LNG SPA (Sales and Purchase Agreement) was signed so that the LNG could be absorbed at 95 percent according to the statistical probability approach, or 90 percent according to the conservative approach, or 80 percent LNG-SPA volume according to the aggressive approach, so as not to cause losses to PT Pertamina,’ the prosecutor said.

The prosecutor said Pertamina later sold the surplus imported LNG to overseas buyers in 2019-2023. The total purchase cost for 18 LNG cargoes from Corpus Christi Liquefaction amounted to USD 341,410,404, and Pertamina sold them at a loss with sale proceeds of USD 248,784,764.

The prosecutor said Pertamina incurred losses of USD 92,625,640 from these trading practices. The prosecutor also noted there were uncommitted cargos, resulting in a suspension fee of USD 10,045,980.

The prosecutor also stated that the defendants’ actions had caused state losses of USD 113,839,186, equivalent to around IDR 1.9 trillion at the current exchange rate.

‘Loss to the state finances at PT Pertamina (Persero) of USD 113,839,186,’ said the prosecutor.