Energy Security Challenges In Indonesia

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1 KEMENTERIAN BADAN USAHA MILIK NEGARA Energy Security Challenges In Indonesia Kementrian BUMN

2 6 Focus Areas to achieve Indonesia s growth trajectories The realization of 6 Focus Areas needs Massive Financial Supports Achieve average GDP growth of 7%/year; Increase annual investment to IDR tn in 2019 from around IDR tn; Increase income per capita to USD from currently USD Maritime Connectivity Railroad Expansion Improve Electrification Mass Rapid Transport (MRT) Irrigation Improvement Strengthen Tourism Develop 24 new seaports and and sea-toll to improve connectivity with projected capex of USD 5-6 billion Build and expand km railroad in Sumatra, Kalimantan, Sulawesi, and Papua Increase electricity supply by MW Develop MRT in 6 big cities in Indonesia: Jakarta, Medan, Makassar, Semarang, Bandung, and Surabaya Build 25 dams across Indonesia to increase food production Attract 24 million foreign tourists in 2019 Government Budget Rebalancing Expenditure SOE s Contribution Business Optimization 1

3 Increasing SOE s performance, a key factor to support economic trajectories SOEs will need to build itself towards performance oriented organizations Achieving World Class SOEs that Becomes the Nation s Pride and International Benchmarks Increase competitiveness Strive to become the top players in each of its industry segment Build strong synergies between SOEs to optimize potential Improve professionalism Becoming the employer of choice to attract top talent in the market with high integrity Embed performance and accountability culture in each SOE Efficient operations and use of capital Always looking to benchmark other industry players Better capital expenditure management to maximize shareholders value 1. Stronger capital structure 2. Build national footprint and presence 3. Rightsizing and restructuring 2

4 4 Focus SOEs sectors to achieve Indonesia s growth trajectories Currently Infrastructure, Financial Services, Natural Resources and Energy-Electricity represents 56% of SOEs SOEs (140 SOEs) Total Asset : Rp 4,215.6T Total Equity : Rp 964.0T Leverage : 3.37x Infrastructure (26 SOEs) Total Asset : Rp 205.7T Total Equity : Rp 86,1T Leverage : 1.39x Others (63 SOEs) Total Asset : Rp 342.8T Total Equity : Rp 160.2T Leverage : 1.14x Financial Services (21 SOEs) Total Asset : Rp 2,298.4T Total Equity : Rp 287.7T Leverage : 6.99x Natural Resources (31 SOEs) Total Asset : Rp 781.3T Total Equity : Rp 305.1T Leverage : 1.56x Electricity (1 SOE) Total Asset : Rp 587.3T Total Equity : Rp 124.7T Leverage : 3.71x 3

5 Why Energy Security is Importance?

6 The need of energy continue to increase along with the economic development in Indonesia 5 Sumber: BPPT Indonesia Energy Outlook, 2013

7 However, production continue to decline while consumption keep rising 6 Sumber: Kementerian ESDM, SKK Migas

8 Therefore, it creates external imbalances Deficit in Oil and Gas Trade Balance since which trigger a structural Current Account Deficit Source: Bank Indonesia 56

9 and increase the Government s budget burden Goverment Subsidy by Type of Usage (IDR Triliun) 8 Sumber: Kementerian Keuangan

10 Indonesia needs to develop oil refinery by giving more incentives to investors Government already invite investors to develop oil refinery in Indonesia. Few Investors interested are Kuwait Petroleum Company and Saudi Aramco Asia Limited. But, both of investors asking high fiscal incentives like tax holiday for 30-years and exception for import tax. While tax holiday in Indonesia ussually is given just in 10-years. Now governement of Indonesia is reviewing development of oil refinery by using government funds with cost reaching IDR 90 Trillion. 9 Sumber: Buletin Internal Pertamina

11 Challenges in developing biodiesel in Indonesia Readiness of the infrastructure in terms of distribution and blending of biodiesel Domestic biodiesel pricing is not interesting for producers. State own Oil Company requests the biodiesel industries to supply biodiesel using different price (must be less than diesel fuels Singapore price for 2 years) than the Government regulated biofuels index. Government s consistency to implement the regulations. Intensified countering the anti palm oil campaign. Handling and straighten the Environment, Social & Heath Issues

12 Efforts must be done to support Indonesian energy security

13 Increase Oil and Gas Production and Accelerating Oil Refinery Construction Petroleum energy needs will still be increased so that the number of upstream oil and gas production and processing should be increased Therefore, intensification of exploration activities to find new reserves should be increased and also increasing the investment to increase oil production at this time. Refineries capacity also have to be improved to reduce imports of petroleum products Accelerating Indonesia Energy Mix Transition from Oil Energy for Industry and Electricity Sectors Increasing an incentives for coal and new and renewable energy powerplant Improving infrastructure for energy such as gas pipelines and electricity networks that create a source of energy option for industry and electricity sector Lessening oil fuel consumption on transportation sector Reduce or Diminish an incentives for oil fuel usage especially oil fuel subsidy Mass transportation planning to reduce the use of private vehicles in all major cities Creating gas infrastructure for motor vehicles in order to make a option of energy for vehicles Increasing a biofuel role as a primary fuelfor vehicle 12

14 The Role of Financial Sector to Support Energy Sector

15 Banking Sector showing a solid performance in recent years... IDR Miliar / % Banking sector asset grows more than 16% With credit growth slightly decrease Growth (YoY) 16.3% 2, % 2, % 21.4% 16.7% 3,653 4,263 3, % 4,955 Growth (YoY) 30.5% 1, % 1, % 24.6% 23.1% 2,708 1,766 2, % 3, Dec Dec-13 likewise banking sector third party fund but with NPL ratio keep low... Growth (YoY) 16.0% 18.5% 19.1% 15.8% 12.5% 13.6% 3,225 3,664 2,785 2,339 1,753 1, % 3.3% 2.6% 2.2% 1.9% 1.8% Dec Dec-13 Sumber: BI, Statistik Perbankan Indonesia, Desember

16 Banks still dominate the source of financing with an additional banks credit per year accounted for 86% of total additional financing High dependency on banking system, around 62% of financing is from banks Total Posisi Desember 2013 (Rp Trilliun) Banks assets is much bigger than other financial institutions... Asset Institusi Keuangan Desember 2013 (Rp Trilliun) in the midst of limited access on the capital market Total Emiten Desember 2013 Banks Credit 3,292.8 Banks 4,954.4 Equity 488 Outstanding Govt Bond Outstanding Stock , Mar 2014 Multi finance Bonds 215 Outstanding Corp Bond Mutual Funds As of 24 Jan 2014 Source: Bank Indonesia & OJK

17 Namun Perbankan nasional terkendala dengan terbatasnya likuiditas yang ditandai oleh tingginya loan to deposit ratio (LDR) yang sudah menembus 90% LDR Perbankan Nasional (%) Jun-14 Sumber: CEIC, data diolah 16

18 Mar-05 Jul-05 Nov-05 Mar-06 Jul-06 Nov-06 Mar-07 Jul-07 Nov-07 Mar-08 Jul-08 Nov-08 Mar-09 Jul-09 Nov-09 Mar-10 Jul-10 Nov-10 Mar-11 Jul-11 Nov-11 Mar-12 Jul-12 Nov-12 Mar-13 Jul-13 Nov-13 Mar-14 Forex transaction in domestic market relatively unchanged despite a significant increase in trade value USD bn Domestic banks Overseas banks Other domestic customers Non-resident customers Foreign customers Export (RHS) Import (RHS) USD bn Daily Average Trading in : 2005 : US$1.2 bn Daily average 2005 to Mar 2014 : US$1.97 bn : US$2 bn 2007 : US$2.5 bn 2008 : US$2.1 bn 2009 : US$1.6 bn 2010 : US$2.1 bn 2011 : US$2.5 bn : US$1.9 bn : US$2 bn 2014 : US$2 bn Sumber : CEIC Per tanggal 17 Maret

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