Rancak Media, JAKARTA – PT Pertamina (Persero), Indonesia’s state-owned energy giant, has made a pivotal decision to merge three of its subsidiaries. This strategic move comes after these entities were previously speculated to undertake an Initial Public Offering (IPO) by the end of 2025.
Among the subsidiaries widely reported to be heading for an IPO this year were PT Pertamina International Shipping (PIS) and PT Pertamina Hulu Energi (PHE). However, in February 2025, PIS management indicated they were awaiting direction from shareholders regarding their public listing plans. Pertamina itself already manages several publicly listed subsidiaries on the Indonesia Stock Exchange, including PT Perusahaan Gas Negara Tbk. (PGAS) or PGN, PT Elnusa Tbk. (ELSA), PT Pertamina Geothermal Energy Tbk. (PGEO), and PT Asuransi Tugu Pratama Indonesia Tbk. (TUGU).
More recently, Pertamina’s President Director, Simon Aloysius Mantiri, confirmed the decision to consolidate three specific subsidiaries: PT Pertamina Patra Niaga, PT Kilang Pertamina Internasional (KPI), and PT Pertamina International Shipping (PIS). This significant merger within Pertamina’s vast conglomerate is targeted for completion by January 1, 2026.
“We are aiming for it to be completed by January 1, 2026,” Simon stated, as quoted by Antara on Tuesday, November 11, 2025. He further elaborated that the merger plans for these three subsidiaries are currently in the finalization stage and will be reported to Danantara to secure the necessary approvals.
Simon emphasized that the integration of these three Pertamina subsidiaries is currently the company’s foremost priority. This strategic initiative aligns seamlessly with the directives issued by the Badan Pengelola Investasi Daya Anagata Nusantara (Danantara), Indonesia’s sovereign wealth fund. The fundamental rationale behind this merger stems from dynamic global conditions that have impacted Pertamina’s profitability. Specifically, a decrease in global oil demand combined with an increase in refinery output due to the proliferation of new refineries has necessitated a more streamlined operational structure.
Consequently, to ensure more effective and efficient operations, the decision has been made to unify Kilang Pertamina Internasional, Pertamina International Shipping, and Pertamina Patra Niaga. Beyond the merger of these three entities, Simon also outlined plans for comprehensive business process optimization across all of Pertamina’s business lines. This holistic approach aims to ensure every activity operates with enhanced efficiency and effectiveness. According to Simon, Pertamina will sharpen its focus on its core business in oil and gas (O&G), alongside accelerating the development of new and renewable energy initiatives. Crucially, all these strategic maneuvers are undertaken not only for operational prowess but also to safeguard and enhance the company’s esteemed reputation.
Summary
PT Pertamina (Persero) telah memutuskan untuk menggabungkan tiga anak perusahaannya, yaitu PT Pertamina Patra Niaga, PT Kilang Pertamina Internasional (KPI), dan PT Pertamina International Shipping (PIS). Keputusan ini meniadakan spekulasi sebelumnya mengenai rencana IPO untuk beberapa entitas, termasuk PIS, dan ditargetkan selesai pada 1 Januari 2026. Merger ini sejalan dengan arahan dari Badan Pengelola Investasi Daya Anagata Nusantara (Danantara).
Alasan utama konsolidasi ini adalah kondisi global yang dinamis yang mempengaruhi profitabilitas Pertamina, seperti penurunan permintaan minyak global dan peningkatan produksi kilang. Integrasi strategis ini bertujuan untuk memastikan operasi yang lebih efektif dan efisien. Selain itu, Pertamina juga akan mengoptimalkan proses bisnis, fokus pada bisnis inti minyak dan gas, serta mempercepat pengembangan energi baru dan terbarukan untuk meningkatkan reputasi dan keunggulan operasionalnya.
