SSEK partners Ira A. Eddymurthy and Dewi Savitri Reni (Vitri) led a seminar in Bandung, West Java, for employees of Indonesian state-owned oil and natural gas corporation Pertamina on the recent establishment of the State-Owned Oil and Gas Holding Company.
Ira and Vitri led the SSEK team that advised on the formation of the Oil and Gas Holding SoE, a US$4 billion deal that resulted in the creation of Indonesia’s largest state-owned holding company. The deal closed at the end of 2018.
SSEK worked on this two-stage transaction since 2012. SSEK represented the Indonesian Ministry of State-Owned Enterprises in the first stage of the transaction, and then acted for Pertamina in the second stage.
The Oil and Gas Holding SoE is intended to synergize and enhance the efficiency of the gas business in Indonesia. An official at the Ministry of State-Owned Enterprises said, “The Oil and Gas Holding SoE is the largest state capital participation in the history of the GOI, amounting to a total of IDR 58 trillion.”