SSEK has assisted the Indonesian state-owned oil and natural gas corporation, Pertamina, in the transfer of 51% of Pertamina’s shares in its direct subsidiary Pertagas to another Pertamina subsidiary, PT Perusahaan Gas Negara (PGN), in a transaction valued at US$1.2 billion, as has been reported.
With the transfer, PGN will become a subholding company under Pertamina, managing gas from midstream to distribution and marketing.
SSEK previously assisted the Indonesian Ministry of State-Owned Enterprises and Pertamina in the establishment of an Oil and Gas Holding State-Owned Company, which resulted in an additional US$2.7 billion in capital owned by the Government in Pertamina.
The SSEK team for both transactions was led by founding partner Ira A. Eddymurthy and partner Dewi Savitri Reni, with assistance from senior associate Tengku Almira Adlinisa.
SSEK assisted in the drafting and signing of the Conditional Sale and Purchase Agreement (CSPA) between Pertamina and PGN on June 29, 2018. The signing took place at the Indonesian Ministry of State-Owned Enterprises and was witnessed by SOE Minister Rini Mariani Soemarno.