Indonesia overhauls state energy giant to reduce oil imports

Indonesian President Joko Widodo ordered an overhaul of the management of state-owned oil giant PT Pertamina, as the former Organization of the Petroleum Exporting Countries member seeks to reduce crude oil imports to rein in the current-account deficit.

Former Jakarta governor Basuki Tjahaja Purnama, who served a two-year prison term on blasphemy charges, will become president commissioner of Pertamina, while Emma Sri Martini, chief executive officer of state-owned PT Telekomunikasi Selular, will be chief financial officer, according to State-Owned Enterprises Minister Erick Thohir.

Mr Purnama, known as Ahok, fits Mr Widodo's criteria of someone who can help Pertamina's board of directors reduce oil and gas imports, Mr Thohir said. A meeting Monday of Pertmina's shareholders is set to ratify the executive changes, which will also see SOE Deputy Minister Budi Gunadi Sadikin appointed Pertamina's vice president commissioner, Tempo reported.

Mr Widodo has ordered his cabinet to take steps to process more resources domestically to boost export revenue and, within three years, plug a current-account deficit hovering near 3 per cent of gross domestic product. That gap widened to a four-year high last year and remains a key vulnerability for South-east Asia's largest economy.

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