Pengembangan Model Bisnis Berbasis Investasi Kemitraan pada Proyek Pipanisasi BBM Pertamina di Kalimantan Timur
Daniel, Rocky Adiguna, S.E., M.Sc., Ph.D.
2023 | Tesis | S2 MANAJEMEN (MM) JAKARTA
In order to strengthen its oil and gas business, Pertamina plans to expand its industrial market in East Kalimantan based on a projected increase in fuel demand for 2024-2035 of 3.4%/year, in line with the government's planned relocation of the National Capital (IKN). This, of course, opens up opportunities for competitors to capture the IKN market. Therefore, Pertamina needs to take anticipatory steps by building a fuel pipeline project to enhance security of supply to customers and operational reliability. The problem is that Pertamina needs to maintain its interest-bearing debt at a safe level, which impacts its ability to draw loans for project financing. Hence, the need to diversify funding alternatives through partnership investments.
The objective of this research is to design a business model development based on partnership investment at Pertamina that is attractive to potential partners. This research uses qualitative and quantitative approaches in one study. The qualitative approach involves semi-structured interviews with Pertamina's management and industrial customers, then the data was analyzed using the content analysis method. Meanwhile, the quantitative approach includes a structured survei using a Google Forms questionnaire distributed to 20 construction service companies that have the potential to become partners. The collected data is then analyzed using descriptive statistics.
The research results show that this business model is attractive to potential partners, using the Build, Maintenance & Transfer (BMT) scheme with profit sharing in the form of a throughput fee and a minimum sales volume guarantee to partners. Based on economic analysis, the development of this business model for Pertamina resulted in a positive Net Present Value (NPV) of IDR 359.041.296.482 for Pertamina, with an Internal Rate of Return (IRR) of 27.71%, significantly higher than the company's hurdle rate of 9.89%. Additionally, the payback period (PP) is 14.18 years, which is still below the asset's operational lifespan. Therefore, business model development based on partnership investment for the fuel pipeline project in East Kalimantan is is feasible for Pertamina to carry out.
Kata Kunci : Pipanisasi, Kemitraan, Pasokan, Troughput, BMT