Elia Massa Manik Named President Director of Pertamina
Minister of State-Owned Enterprises (SOEs) Rini Soemarno as the authorized government shareholder in State-owned oil and gas company PT Pertamina officially named President Director of state-owned plantation company PT Perkebunan Nusantara (PTPN) III Elia Massa Manik as President Director of PT Pertamina.
The appointment of Elia Massa Manik as President Director of PT Pertamina was stated in a copy of Decree of the Minister of SOEs as a General Meeting of Shareholders of PT Pertamina number: SK-52/MBU/03/2017, on the Appointment of President Director of PT Pertamina submitted to Elia, on the 7th floor of the Ministry of SOEs, Jalan Medan Merdeka Selatan No. 13 Central Jakarta, Thursday (16/3) afternoon. “The appoinment of Elia Massa Manik as President Director of PT Pertamina is based on the track record of his performance, leadership, experience, and capabilities,” a press release of the Ministry of SOEs stated.
According to the press release, Elia Massa is considered to meet the needs of PT Pertamina in maintaining solidity as national energy company and maintaining independence of state energy. In addition, the appointment of Elia Massa is also based on the performances during his tenure as President Director of PTPN III since 13 April 2016. “Within the period of 2016 – March 2017, Massa has done the holding of plantations by improving the operational aspects, financial, technology, and human resources. In line with this move, until February 2017, PTPN III Holding gained a profit worth Rp193 billion which hailed from the profit of eight PTPNs,” said a press release of the Ministry of SOEs, adding that the company already restructured the debt of PTPN Group worth Rp9.9 trillion of the total amount of debt that needs to be restructured amounted to Rp15 trillion in 8 PTPNs.
During this period, according to the Ministry of SOEs, the holding of PTPN III has obtained banking funds and published Corporate Guarantee for the MTN subsidiary of Rp5.3 trillion. “The improvement carried out by the management, that is, the holding of PTPN has restored confidence of banking institutions. As a result, this becomes a good capital to continue to improve the performance of the entire subsidiaries,” the press release stated.
Elia Massa, who used to help build Risk Culture Awareness, and served as Senior Executive Vice President of Bank BNI, is considered competent in oil and gas sector. “Between July 2011 and May 2014, Massa served as President and CEO of PT Elnusa Tbk. During his tenure, he managed to restructure the oil and gas services company from suffering a loss to be able to make a profit and increase market capitalization,” the press release stated.
Minister Rini Soemarno expressed hope that the determination of the new president director could further strengthen PT Pertamina in implementing its strategic role in the national energy sector. “Thus, PT Pertamina can achieve performance targets that have been implemented and its main programs,” Rini said.
PT Pertamina’s performance targets include One-Fuel Price Policy and Refinery Project Investment as well as the development of upstream over the next few years. (Ministry of SOEs/ES) (MUR/YM/Naster).