Effective Risk Management can assist the Company in the effort to integrate the Company’s strategy to build Investor’s trust.
Risk Management implementation in the Company’s environment has been happening since the company was established and formalized in the signing of the Risk Management Treaty between PT Pertamina (Persero) and Subsidiary on 14 July 2009 as a form of commitment to implement Risk Management.
The company currently has a Risk Management organization under the Planning and Portfolio function as a ISO-31000 based PT Pertamina (Persero) Risk Management policy implementation coordinator which is the Risk Management Manual No. A-001/R00100/
2011-S0 in the daily business operations’ activities, with it, Risk Management can become a strategic tool for decision making in the management process.
In the effort to heighten Risk Management’s role effectiveness and functions, the Company’s Management has launched a culture of risk awareness that sticks more onto each employee through socializations in the form of workshops, broadcasts and refreshment discussion sessions for all Company workers.
Risk Faced by the Company in Effort of Management
Potential risks of the Company that clings on business activities did not experience significant changes from the previous year, change only occurred in the level and
tingkat maupun rencana mitigasinya sehubungan dengan adanya perubahan kondisi internal dan eksternal selama tahun berjalan. Berikut ini profil risiko utama Perusahaan dan strategi penanganannya:
1. Risiko Politik
Perubahan dan dinamika kondisi politik memilki pengaruh yang kuat terhadap peluang pencapaian target Perusahaan baik dalam jangka pendek maupun jangka panjang. Sebagai contoh, perubahan kebijakan Pemerintah Pusat terhadap rencana pemanfaatan sumber daya minyak dan gas bumi berdampak signifikan pada kelangsungan dan nilai ekonomis dari suatu proyek investasi. Di sisi lain, Perusahaan juga harus mempertimbangkan peran dan fungsi Peme- rintah Daerah dalam kelancaran proyek serta dalam upaya meningkatkan Pendapatan Asli Daerah.
Usaha penanganan risiko ini melalui:
• Secara proaktif memberikan pandangan dan masukan untuk mengantisipasi perubahan ke- bijakan energi dari Pemerintah yang berdampak merugikan kepada Perusahaan dan PT Pertamina (Persero) secara korporasi.
• Upaya pembentukan perusahaan patungan atau- pun kemitraan bersama Pemerintah Daerah dan/
atau afiliasinya dengan mempertimbangkan aspek Business to Business serta kelayakan operasional.
2. Risiko operasional
Perusahaan terpapar pada risiko gangguan kontinuitas penyaluran gas akibat terganggunya integritas in- frastruktur penyaluran gas oleh faktor eksternal dan internal infrastruktur. Faktor eksternal dapat berupa gangguan dari jenis kegiatan yang ada maupun bencana alam pada lokasi infrastruktur, sedangkan faktor internal berupa gangguan yang disebabkan komposisi kimiawi gas yang disalurkan ataupun usia infrastruktur itu sendiri.
mitigation plans in relation to the changes in internal and external conditions in the current year. Following is the Company’s main risk profile and its mitigation strategy:
1. state Risk
Political condition dynamics and its changes have a strong influence on the Company’s target achievement opportunities in the short and long term. As an example, Central Government’s policy change in regards to the oil and natural gas utilization plan caused a significant impact on the sustainability and economic values of an investment project. On the other hand, the Company also has to consider the role and function of the Local Government in the smoothness of the project and in the effort to increase Regional Income.
Risk management efforts undergo:
• Proactively providing views and inputs to anti- cipate energy policy changes from the Govern- ment that create impacts of losses to the Company and PT Pertamina (Persero) as a corporation.
• An attempt to establish a joint venture company or partnership with the Local Government and/or its affiliations and considering Business to Business aspects and operational feasibility.
2. operational Risk
The Company is exposed to the risk of gas supply continuity disruptions caused by disruption on the gas distribution infrastructure integrity by external and internal factors. External disruption factors can come from existing type activities and natural disasters in the infrastructure’s location, while, internal disruption factors can be caused by gas’ chemical composition which is channeled or the infrastructure’s age itself.
Usaha penanganan risiko ini melalui:
• Pemberlakuan Access Arrangement terhadap pihak yang akan menyalurkan gas melalui infrastruktur Perusahaan agar komposisi gas memenuhi ambang batas yang ditentukan.
• Pemeriksaaan jalur infrastruktur diikuti kegiatan Operation & Maintenance secara berkala untuk mendukung Operational Excellence.
3. Risiko Likuiditas
Perusahaan mengalami kendala likuiditas pada saat jumlah aset lancar yang ada tidak mencukupi untuk memenuhi kewajiban dan komitmen jatuh tempo.
Saat ini Perusahaan menggunakan skema cash dropping dari PT Pertamina (Persero) untuk kebutuhan Anggaran Biaya Investasi, sedangkan dana hasil kegiatan usaha digunakan sebagai sumber dana untuk kebutuhan Anggaran Biaya Operasional.
Risiko terjadi bila terdapat proses pekerjaan yang membutuhkan pembayaran menggunakan Anggaran Biaya Investasi, namun pelaksanaannya pembayar- annya menggunakan Anggaran Biaya Operasional sehubungan kondisi yang mendesak. Keterlambatan pembayaran oleh pihak-pihak atas jasa yang diberikan oleh Perusahaan juga berkontribusi pada risiko likuiditas.
Usaha penanganan risiko ini melalui:
• Koordinasi dan komunikasi ekstensif dengan para stakeholder (konsumen, vendor/kontraktor, pihak Korporat) terkait scheduling pembayaran serta cash dropping.
• Pengaturan scheduling pembayaran dalam kontrak pekerjaan serta kontrak-kontrak komersial atas Jasa dan Produk Perusahaan.
4. Risiko kredit
Risiko Kredit adalah risiko di mana Perusahaan mengalami kerugian akibat dari konsumen atau pihak lain yang gagal memenuhi kewajiban kontraktual mereka.
Usaha penanganan risiko ini melalui:
• Pemberlakuan guarantee dan penalty dalam kontrak- kontrak komersial atas Jasa dan Produk Perusahaan.
• Penjadwalan ulang pelunasan kewajiban oleh kon- sumen hingga pernyataan resmi untuk penghen- tian Jasa Perusahaan.
5. Risiko keselamatan, kerja dan Lingkungan Aspek Keselamatan, Kerja dan Lingkungan menjadi prioritas dalam kegiatan operasional sehari-hari, bahkan aspek tersebut menjadi salah satu ukuran dalam Key Performance Indicator Perusahaan. Risiko terjadi bila dalam lingkungan dan kegiatan operasional terjadi proses ataupun insiden yang menyebabkan gangguan kesehatan pada pekerja dan/atau masyarakat, pen- cemaran lingkungan hingga korban jiwa.
Risk management efforts undergo:
• Enablement of Access Arrangement towards parties that will transport gas through the Company’s infrastructure so that gas composition meet the specified threshold.
• Infrastructure route inspection followed by periodic Operation & Maintenance activities to support Operational Excellence.
3. Liquidity Risk
The Company experienced liquidity constraints when total current assets were insufficient to meet maturing obligations and commitments. The company currently utilizes the cash dropping scheme from PT Pertamina (Persero) for needs of the Investment Expense Budget, while funds from business activities are utilized as a source of fund for needs of the Operational Expense Budget.
Risk occurs if the work process that requires payment utilizes the Investment Expense Budget, but instead the payment is made using the Operational Expense Budget as conditions were urgent. Late payments by parties for services provided by the Company also contribute to liquidity risks.
Risk management efforts undergo:
• Extensive coordination and communication with stakeholders (consumer, vendor/contractor, cor- porate party) in regards to scheduling of payment and cash dropping.
• Payment scheduling management in the work contract along with commercial contracts for the Company’s Services and Products.
4. Credit Risk
Credit Risk is a risk whereby the Company experiences losses due to consumers or other parties failing to meet contractual obligations.
Risk management efforts undergo:
• Enablement of guarantee and penalty in commercial contracts on Company Services and Products.
• Reschedule payment obligations by the consumers until an official statement for the termination of the Company’s Service.
5. safety, Work and environment Risk
Aspects of Health, Safety and Environment is a priority in daily operational activities, this particular aspect even became one of the measures in the Company’s Key Performance Indicator. Risk occurs if the environ- ment and operational activities experience a process or incident which causes disturbances in the employees’ and/or society’s health, environmental pollution or casualty.
Usaha penanganan risiko ini melalui:
• Setiap pihak kontraktor/vendor diharuskan untuk memiliki sertifikat Contractor Safety Management System sebagai persyaratan mengikuti proses pengadaan barang dan jasa di Perusahaan.
• Dalam pelaksanaan kegiatan operasional, Peru- sahaan melakukan Safety Induction, Safety Briefing, dan Safety Meeting.
• Melaksanakan Safety Talk dan Safety Stop sebagai pembelajaran terhadap insiden kecelakaan kerja yang terjadi di lingkungan PT Pertamina (Persero).
6. Risiko Pasokan gas
Kepastian pasokan gas menjadi faktor penentu bagi Perusahaan untuk mencapai target kinerja serta sebagai persyaratan kelayakan dalam Usulan Investasi.
Risiko terhadap pasokan terjadi akibat realisasi volume dan jadwal onstream pasokan gas yang tidak sesuai dengan kontrak, spesifikasi dan/atau nilai ekonomis dari gas pasokan, menurunnya kemampuan reservoir dari produsen gas existing dan sumber gas terletak di remote areas ataupun offshore tidak didukung dengan cadangan yang cukup untuk penggantian biaya investasi atas infrastruktur yang diperlukan.
Usaha penanganan risiko ini melalui:
• Sinergi secara aktif dengan Anak Perusahaan PT Pertamina (Persero) khususnya PT Pertamina EP dan PT Pertamina Hulu Energi serta pemaparan rencana kerja Perusahaan secara intensif kepada SKK- MIGAS untuk mendukung kontinuitas pasokan gas.
• Secara proaktif mencari sumber gas baru termasuk gas dalam bentuk LNG guna mengatasi shortage yang ada.
7. Risiko Permintaan
Kesenjangan harga antara bahan bakar minyak (HSD/High Speed Diesel maupun MFO/Marine Fuel Oil) dan gas bumi menjadi faktor positif yang mening- katkan permintaan Industri dan pengguna gas bumi lainnya. Hal yang menjadi hambatan adalah belum adanya kepastian pasokan gas sebagai jaminan kontinuitas pasokan bagi konsumen. Di sisi lain proses konversi bahan bakar dari HSD/MFO ke gas membutuhkan investasi yang ditanggung konsumen sehingga berpengaruh pada daya beli terhadap gas.
Usaha penanganan risiko ini melalui:
• Secara komprehensif menyusun perencanaan pe=
manfaatan pasokan gas dari sumber gas tertentu mengunakan infrastruktur penyaluran yang optimal sehingga selaras dengan daya beli konsumen.
• Secara intensif melakukan komunikasi dengan pihak produsen gas serta SKK-MIGAS untuk mendapatkan harga beli gas yang lebih kompetitif dari sumber gas.
Risk management efforts undergo:
• Each contractor/vendor is required to possess a Contractor Safety Management System certificate as one of the requirements in parti- cipating in the procurement process of products or services in the Company.
• In the implementation of operational activities, the Company conducts a safety Induction, Safety Briefing, and Safety Meeting.
• Conduct Safety Talk and Safety Stop as a lesson for work accidents that occur in PT Pertamina (Persero)’s environment.
6. gas supply Risk
Certainty of gas supply is a determining factor for the Company to achieve performance targets as an eligibility requirement in the Proposed Investment. Risk of supply occur when volume realization and onstream gas supply schedules are not in accordance to contracts, specifications and/or economic value, decrease of reservoir capability from existing gas producers and gas sources located in remote areas or even offshore not supported by sufficient backup to replace the investment expenses of the required infrastructure.
Risk management efforts undergo:
• Active synergy with PT Pertamina (Persero)’s Subsidiary particularly PT Pertamina EP and PT Pertamina Hulu Energi and expounding the Company’s work plan intensively to SKK- MIGAS to support gas supply continuity.
• Proactively seeking new gas resources in- cluding gas in the form of LNG to overcome the existing shortage.
7. Demand Risk
The gap between the price of fuel oil (HSD/High Speed Diesel and MFO/Marine Fuel Oil) and natural gas is a positive factor which increases demands of the industry and other natural gas users. The issue that becomes an obstacle is the uncertainty of gas supply as a continuity guarantee to consumers. On the other hand, the fuel conversion process from HSD/MFO to gas requires investments borne by the consumers which affect the purchasing power towards gas.
Risk management efforts undergo:
• Comprehensively prepare a gas supply uti- lization plan from certain gas sources through the use of transportation infrastructure that is optimal and in line with the purchasing power of consumers.
• Intensively communicate with gas producing parties and SKK-MIGAS to obtain a more competitive gas purchasing price from gas sources.