TubanPetro at a Glance
PT Tuban Petrochemical Industries (hereinafter referred to as “TubanPetro”) operates in the petrochemical sector as a holding company with four subsidiaries producing various petrochemical products, and one company responsible for infrastructure investment and distribution of the group's products. The four subsidiaries are: PT Petro Oxo Nusantara (PON), PT Polytama Propindo (Polytama), PT Trans-Pacific Petrochemical Indotama (TPPI), and PT Tuban Propilena Nusantara (TPN). Among these, the financial statements of TPPI are not consolidated with those of TubanPetro.
TubanPetro was established in 2001 as a vehicle to restructure the debts of the Tirtamas Group. However, over time, the company defaulted and had to be taken over by the Minister of Finance of the Republic of Indonesia in 2012. This takeover was followed by the signing of an agreement for the development of the national petrochemical industry between the Minister of Finance of the Republic of Indonesia and PT Pertamina (Persero) in August 2018.
In 2019, the Government issued Government Regulation (PP) No. 66 of 2019 regarding State Capital Participation (PMN) in TubanPetro. This regulation was followed by the conversion of the principal receivables of the Minister of Finance (in the form of Multi-Year Bonds/MYB) into equity in TubanPetro. Subsequently, TubanPetro issued 190,372 new Series B shares, all of which were acquired by PT Pertamina (Persero) in November 2019. As a result, TubanPetro’s shareholding structure became:
PT Pertamina (Persero): 51%
Minister of Finance of the Republic of Indonesia: 47%
PT Silakencana Tirtalestari: 2%
Pertamina’s majority ownership in TubanPetro was followed by an increase in TubanPetro’s shareholding in TPPI. With this addition, TubanPetro together with PT Pertamina (Persero) controlled 80.25% of TPPI’s shares. In March 2020, the 2% shares of PT Silakencana Tirtalestari in TubanPetro, which were pledged as collateral for the MYB debt, were executed by the Minister of Finance and taken over by PT Pertamina Pedeve Indonesia (a subsidiary of Pertamina).
On November 22, 2022, TubanPetro issued 124,630 new Series B shares, all of which were acquired by PT Pertamina (Persero). As a result, TubanPetro became fully state-controlled, with the following ownership composition:
PT Pertamina (Persero): 63.27%
Minister of Finance of the Republic of Indonesia: 35.22%
PT Pertamina Pedeve Indonesia: 1.51%
TubanPetro took a strategic step by acquiring the minority shares of Pasio Investment BV in PT Polytama Propindo through a share purchase agreement signed on May 2, 2023, making Polytama wholly owned by TubanPetro. This allows TubanPetro full control over Polytama’s corporate actions and business development. This was followed by the signing of a share purchase agreement for 1 Polytama share between TubanPetro and TPN on October 18, 2023, to comply with Law No. 40 of 2007 on Limited Liability Companies.
In August 2024, in accordance with applicable laws and procedures, TubanPetro successfully acquired the 50% shares of PON previously owned by PT Lintas Lima Lestari Laksana, making TubanPetro the sole shareholder with full control over the management and development of PON. On September 6, 2024, TubanPetro transferred 1 (one) PON share to TPN in compliance with Law No. 40 of 2007 on Limited Liability Companies, Article 7, which requires a minimum of two shareholders in a company.