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To be an Integrated and Leading National Petrochemical Company

To be an Integrated and Leading National Petrochemical Company

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In March 2020, an executionary auction was held by the Minister of Finance to auction the remaining shares of PT Silakencana Tirtalestari in TubanPetro of 2%. The executionary auction was won by Pertamina’s subsidiary. As a result, TubanPetro is fully-owned by the State through Pertamina (51%), Minister of Finance RI (47%), and PT Pertamina Pedeve Indonesia (2%).

The series of strategic measures were taken to support sustainable development of national petrochemical industry in the future.

2001 Establishment of TubanPetro

TubanPetro was established pursuant Notary A. Partomuan Pohan, S.H., LL.M., on March 16, 2001. The deed was approved by the Minister of Justice of the Republic of Indonesia on April 2, 2001, and announced in the State Gazette of the Republic of Indonesia No. 87 on October 30, 2001.

2004 Tirtamas Group Debt Restructuring

The establishment of TubanPetro to facilitate and ensure the settlement of the Tirtamas Group debt which was transferred by Tirtamas Group creditors to the Indonesian Bank Restructuring Agency (IBRA). At the beginning of its establishment, TubanPetro's ownership structure consisted of IBRA (70%) and Tirtamas Group (30%).

2019 Issuance of Government Regulations and Rights Issue

Regulation of the Government of the Republic of Indonesia Number 66 of 2019 on Addition of the Republic of Indonesia’s State Capital Investment in PT Tuban Petrochemical Industries’ Capital Shares (GR No. 66/2019), followed by the issuance of new shares of TubanPetro to save the principal debt of the MYB share ownership of the Minister of Finance of the Republic of Indonesia become 96%.

2020 Change of Share Ownership in TubanPetro

In May 2020 TubanPetro's share ownership was due to the presence of PT Silakencana Tirtalestari shares as part of a series of stock processes for partial redemption of TubanPetro's Multi Year Bonds, with this change, TubanPetro's share ownership consists of 51% PT Pertamina (Persero), 47% Minister of Finance of the Republic of Indonesia and 2% PT Pertamina Pedeve Indonesia.