Pertamina Streamlines Operations: 38 Non-Oil and Gas Subsidiaries to Be Divested

PT Pertamina (Persero) will divest 38 subsidiaries not operating in the oil and gas sector this year. The strategy forms part of a streamlining programme to restructure the company’s business portfolio and sharpen its focus on core energy operations.

COO of BPI Danantara, Dony Oskaria, disclosed that all entities without a direct connection to the oil and gas sector would be removed from the group.

“Pertamina will no longer have any companies unrelated to oil and gas. All of Pertamina’s non-oil and gas companies will be spun out,” he said.

Non-Energy Sectors Being Divested

Of the 38 entities to be divested, the majority operate in non-energy sectors, including:

• Hospitality
• Hospitals
• Airlines
• Insurance

In the healthcare sector, the hospital business currently managed by Indonesia Healthcare Corporation (IHC) is said to have the potential to be managed directly by Danantara.

Pertamina currently operates several non-oil and gas business lines, including Hotel Patra Jasa, airline Pelita Air, insurance companies Tugu Insurance and PertaLife Insurance, and Pertamina Central Hospital (RSPP).

Deemed Appropriate to Reduce Complexity

Economist from Andalas University, Syafruddin, assessed the strategy of divesting non-core businesses as the right move.

He argued that the divestiture would reduce the conglomerate complexity that has consumed management attention and broadened governance risks.

“The advantage is that Pertamina can concentrate its investment on upstream-downstream oil and gas, refineries, gas, and the energy transition agenda with a leaner organisational structure,” he told Kontan on Tuesday (17 February 2026).

However, he cautioned that key risks remain, particularly in the asset valuation process and transfer mechanisms.

“Transactions must be transparent to prevent underpricing, and public services such as healthcare and air connectivity must continue to operate smoothly,” he said.

Non-Core Contribution Relatively Small

From a financial contribution perspective, Syafruddin noted that non-core businesses serve a supplementary role.

In 2024, Pertamina recorded:

• Revenue of approximately Rp1,194 trillion
• Net profit of Rp49.5 trillion

By comparison:

• Patra Jasa recorded revenue of Rp4.6 trillion and net profit of Rp234.6 billion in 2024
• Pelita Air achieved post-tax profit of US$5.9 million in 2024
• Tugu Insurance booked profit of Rp700.8 billion throughout 2024
• IHC recorded revenue of Rp5.72 trillion with net profit of Rp300 billion in 2023

“These figures show that non-core units do contribute profit and cash flow, but their share is relatively small compared to Pertamina’s consolidated performance,” he said.