Achieving Positive Performance in 2023, Pertamina Refinery Ready to Seize Opportunities in 2024
Jakarta, June 14, 2024 - PT Kilang Pertamina Internasional (KPI) achieved positive performance in 2023. It was revealed at the KPI General Meeting of Shareholders in Jakarta. Numerous positive achievements in the 2023 fiscal year have inspired a drive to achieve even better performance in 2024.
"KPI successfully navigated 2023, marked by the positive achievements of the company presented today by the Board of Directors to the Shareholders," said the President Director of PT KPI, Taufik Aditiyawarman.
Throughout 2023, KPI processed approximately 340.91 million barrels of crude oil, an increase from the previous year's 333.06 million barrels. Fuel production in 2023 was 274.80 million barrels, a 5.15% increase from the previous year's 261.35 million barrels.
One of the biggest challenges faced by KPI in 2023 was the prolonged geopolitical conflict in Europe and the Middle East, which had a significant impact on the global economy. This conflict affected supply chains and the prices of energy and food commodities, causing a spike in global inflation.
Amid these challenges, according to Taufik, KPI remained focused on its mandate to support national energy security. "KPI must meet national energy needs, particularly in providing fuel for the public and industry in coordination with the Pertamina Group. On the other hand, KPI is also expected to maintain good profitability," Taufik said.
In 2023, KPI reaffirmed its commitment to becoming a leader and pioneer in the drop-in renewable fuels development, especially Sustainable Aviation Fuel (SAF) or Bioavtur, which is the answer to decarbonizing the civil aviation industry and has met stringent safety requirements.
"SAF innovation is KPI's effort to address business challenges and market needs for renewable and low-emission fuels in the civil aviation industry while supporting the Government's commitment to achieving Net Zero Emission (NZE) targets," Taufik said.
Furthermore, KPI continues to innovate in developing environmentally friendly products. This effort includes eco-friendly fuel development and production, such as Pertamina RD, which remains a focus despite challenging market conditions.
"KPI also continues to demonstrate our commitment to clean energy production through products like HVO, LSFO V 1250, Musicool, and Biosolar 30 (B30), all of which highlight PT KPI's dedication to decarbonization initiatives and sustainability," Taufik said.
With stable economic growth in Indonesia predicted in 2024, according to Taufik, KPI will optimize its assets to innovate and maintain operational agility in end-to-end business management, from crude selection to refinery operations and product distribution.
"This year, KPI is making efforts to meet the targets set and achieve profitability," Taufik said.
The optimism of the Directors of The KPI has received full support from PT Pertamina (Persero) shareholders. Risk Management Director of PT Pertamina (Persero), Ahmad Siddik Badruddin, reminded the Directors of KPI to focus on business development plans for 2024 and the drafted Long-Term Company Plan.
He also emphasized the consistent application of HSSE (Health, Safety, Security, and Environment) aspects in all KPI operations and projects. Regarding investments, KPI is requested to ensure projects adhere to quality, timing, costs, and applicable regulations.
PT Kilang Pertamina Internasional (KPI) is a subsidiary of Pertamina, with oil refining and petrochemicals as a mail business following ESG (Environmental, Social & Governance) principles. KPI is also registered in the United Nations Global Compact (UNGC) and is committed to the Ten Principles of the UNGC in its operational strategy as part of ESG implementation. KPI will conduct its business professionally to realize its vision of becoming a world-class environmentally conscious, socially responsible, and well-governed oil and petrochemical refinery company.**