This is The Clause that Corpus Christi Can Use to Cancel the LNG Contract Which Causes Pertamina to Suffer Huge Losses


PEKANBARU – Articles that could be used by Corpus Christi Liquefaction (CCL) to cancel the 20 year LNG purchase contract with Pertamina were revealed.

According to the document which allegedly contains clauses in the LNG sales purchase agreement (SPA) between PT Pertamina (Persero) and CCL dated March 20 2015, the parties can cancel the contract unilaterally if there is proven corruption.

As stated by the former President Director of PT Pertamina, Karen Agustiawan, he is very worried that if CCL unilaterally cancels the LNG contract with Pertamina, the losses suffered by Pertamina will be no less than USD 127 million or the equivalent of more than IDR 1.971 trillion (Exchange rate 1 USD = IDR 15,525), does not include additional fines and others.

Not only that, Pertamina also has to face lawsuits from CCL LNG buyers who have contracts with Pertamina. No less important, Pertamina’s reputation will be destroyed in the world oil and gas trade arena.

“So one of the important things, precisely Article 20.1 and Article 20.1.3, clearly states that the LNG sales and purchase agreement can be terminated if there is a violation of article 26.3.1. (ii),” explained CERI Executive Secretary, Hengki Seprihadi, Wednesday (4/10/2023).

Hengki said that in full article 26.3.1 reads, “26.3.1. Each Party agrees that in connection with this Agreement and the activities contemplated herein, such Party will not take any action, or refrain from taking any action, that would (i) violate Applicable Laws applicable to such Party, or ( ii) causes the other Party to commit a breach of Applicable Law applicable to that other Party, including the US Foreign Corrupt Practices Act, the OECD anti-bribery convention, the UK Bribery Act 2010, the European Union Bribery Act ( EU), etc. and the EU. Member States’ anti-bribery and corruption laws, and similar laws, regulations, orders or conventions concerning corruption or binding on other Parties, each of which may be amended from time to time, and including implementing regulations promulgated by law -the law.”

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Meanwhile, article 20.1.3 of the SPA which is part of article 20.1 concerning Termination Events states, “In relation to one of the Parties, a violation of Article 17.3 or 26.3.1 (ii) by the other Party.”

So, said Hengki, the legal process carried out by the Corruption Eradication Committee (KPK) regarding Pertamina’s long-term LNG purchase has raised question marks among the public.

Considering the information recently made by the Corruption Eradication Commission (KPK), in his opinion, this increasingly leads to allegations of corruption in the purchase of CCL’s LNG through the SPA between PT Pertamina (Persero) and CCL.

“In fact, in PT Pertamina’s corporate action in carrying out its duties from the State to secure gas supplies for domestic needs, based on the gas balance at that time there will be a gas deficit starting in 2019, even though several refinery projects have not been completed and some have not even been built, as well as the 35,000 MW program “where the first stage energy mix uses more coal,” said Hengki.

So in reality there is an oversupply, to mitigate losses from oversupply of gas supplies that have already been contracted with CCL, Pertamina must sell LNG to avoid losses.

“It has been proven that cumulatively, since the sale of CCL LNG in 2019 to 2023, Pertamina has achieved a profit of around USD 90 million or the equivalent of more than IDR 1.397 trillion. “If we calculate Pertamina’s potential profit until 2030, based on ‘committed’ with Total Energy and Glencore, then the prognosis for Pertamina’s potential profit will reach USD 217.45 million or the equivalent of IDR 3.376 trillion,” said Hengki.

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Hengki said that in fact, as a result of the Covid 19 pandemic hitting the world from early 2020 to 2021, all energy commodity prices plummeted. In fact, oil prices fell by 300 percent to minus USD 37.6 per barrel. Prices that have never occurred in history.

“It turns out that the losses experienced by Pertamina for CCL LNG cargo from 2020 to 2021, amounting to USD 107.3 million or the equivalent of IDR 1.665 trillion, have been covered by profits from sales of CCL LNG in 2022 to 2023. Even now it is positive at around USD 90 million ,” said Hengki.

In fact, continued Hengki, the world of long-term LNG trading is very dynamic. There are many factors that can occur during the course of the contract that no one can know what will happen in the future, including geopolitical factors, natural disasters, pandemics and others. All these business people can only predict based on the competence and capacity of company management. So, profits and losses can only be calculated after the contract ends.

“So, it seems premature to accuse people of committing acts of corruption and causing State Financial Losses, even though the contract still has a long term until 2040, unless it is proven that there was bribery or gratification by officials regarding the LNG contract,” said Hengki.

So, said Hengki, all parties should be careful and clear in looking at business processes and corporate actions, especially in relation to corporations in other countries which may have different legal systems, so that the legal efforts that are being carried out do not end up causing far greater losses. big and damaging the good name of Pertamina which is assigned by the state to take care of the lives of many people.

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“It’s like, if there are rats, then brush the rats, but don’t burn the barn,” concluded Hengki. (*)

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