Appreciating 2024 Performance, PT KPB Solidifies Steps Towards RDMP Operation Phase

Tuesday, 24 June 2025

PT Kilang Pertamina Balikpapan (PT KPB) held a General Meeting of Shareholders (GMS) for the fiscal year 2024 on Monday, June 23, 2025, at Patra Jasa Office Tower (PJOT), Jakarta. This activity was attended by shareholders, namely PT Kilang Pertamina Internasional (KPI), and PT Pertamina Pedeve Indonesia (PPI), as well as the Board of Commissioners, Directors, and VP Legal & Relations of PT KPB as Corporate Secretary who acted as moderator.

President Director of PT KPI, Taufik Aditiyawarman, said that the implementation of the GMS is part of corporate governance that is carried out regularly every year. "The activity has fulfilled all the necessary elements in accordance with the Limited Liability Company Law, then reported 2024 performance, there is supervision, then 2025 expectations from shareholders," he said.

Reflection of 2024 Performance Achievements The year 2024 became an important milestone in the transformation of Balikpapan Refinery towards a modern refinery. PT KPB successfully completed the Revamp Crude Distillation Unit (CDU) IV and other supporting units which have successfully operated normally (on spec) in October 2024. This success marks the gradual increase in installed refinery capacity from 260 thousand to 360 thousand barrels per day.

The capacity increase is the result of a series of strategic milestones achieved throughout the year, including the achievement of Ready For Start-Up (RFSU) CDU IV Revamp, Hydrocracking Unit (HCU) Revamp, as well as the operation of Gas Turbine Generator (GTG) A/C/D and supporting units such as Cooling Tower and Instrument Air-Plant Air. Crude oil distribution facilities from Lawe-Lawe Terminal to Balikpapan Refinery have also been successfully realized with the achievement of the installation of Single Point Mooring (SPM), Ready For Startup (RFSU) Transfer Pipeline 20 “Lawe-Lawe - Balikpapan, Mechanical Completion (MC) Unloading Pipeline 52” SPM - Lawe-Lawe, and New Crude Oil Tank 420-T-01 A/B.

President Director of PT KPB, Bambang Harimurti, expressed his appreciation to all company personnel for their contributions. "What we have achieved in 2024 cannot be separated from the contribution of all of us. We would like to express our deepest gratitude to all PT KPB employees who have struggled with all their might to achieve the 2024 targets."

In addition to technical aspects, PT KPB also recorded a proud work safety performance, with a total safe working hours of 103,611,349 hours without Lost Time Injury (LTI) until the end of 2024.

In the financing aspect, the rating result by PT Pemeringkat Efek Indonesia (PEFINDO) shows high confidence in the Balikpapan RDMP project. PT KPB obtained an idAAA(sf) rating for project financing, which is the highest rating and reflects an exceptional ability to meet long-term obligations. Meanwhile, the company's standalone rating is at idBBB+(sa), signifying adequate ability to manage financial obligations on an ongoing basis.

Various awards were also achieved throughout 2024, both from national and international institutions, including Asia Pacific-Petchem Deal of the Year, IJGlobal Award 2023 - Asia Pacific Deal of the Year, and The Downstream Energy Project of the Year from Gulf Energy Information. PT KPB also received an award for HIV/AIDS prevention from the East Kalimantan Provincial Government, Balikpapan Investment Award, social and environmental management award from PT SMI, Vyata Bala Pratama award, and Top Zero Accident Level 4 from the World Safety Organization (WSO).

President Director of PT Pertamina Pedeve Indonesia, Rahmi Amini, also expressed his appreciation to all PT KPB officers for this achievement. “Congratulations to all KPB officers for the achievement in 2024, hopefully in 2025 it will be even better,” he said.

In line with Rahmi, Commissioner of PT KPB, Haiyani Rumondang, said that the commitment to continue to perform high and present the best work of the nation's children must continue to be strengthened. “The hope is that all decisions issued and determined at this meeting will be part of the commitment to improve PT KPB's performance and present the nation's work for Indonesia,” she explained.

Focus 2025: Transition to Operation Phase The year 2025 will be a crucial phase in the implementation of RDMP RU V Balikpapan, especially in completing Mechanical Completion and Commissioning Residual Fluid Catalytic Cracking (RFCC), which is the flagship unit of the Balikpapan RDMP Project.

"Please continue to maintain the existing spirit because in 2025 the challenges will be even tougher. We must complete the mechanical completion of this unit (RFCC, ed)," Bambang Harimurti added after the GMS.

Becoming a Pillar of National Energy Independence As a subsidiary of PT Kilang Pertamina Internasional, PT KPB was formed to manage the Balikpapan RDMP project and run an integrated refinery processing business, from development, operation, to maintenance of new and existing facilities. The development of the Balikpapan Refinery through the RDMP project is part of the National Strategic Project (PSN), while supporting the achievement of the government's Asta Cita in realizing the country's energy independence.

VP Legal & Relations of PT KPB, Asep Sulaeman, emphasized that the company's success in maintaining the sustainability of the project until it enters the operation phase is not only seen from the technical and financial side, but also from strengthening legal aspects, compliance, and strategic relationships with stakeholders.

"PT KPB ensures that all stages of RDMP development run according to regulatory corridors, supported by good governance, and build public and stakeholder trust. This project is a form of real contribution from the nation's children in supporting national energy security and sovereignty," said Asep.

Through the spirit of transformation entitled Transforming Capacity Towards the Best Refinery, PT KPB is ready to step into the operating phase and make a real contribution in realizing a modern, efficient and environmentally friendly national refinery.