Risiko usaha KEBIJAKAN MANAJEMEN RISIKO RISK MANAGEMENT POLICY

PT PERTAMINA PERSERO DAN ENTITAS ANAKAND SUBSIDIARIES Lampiran 5157 Schedule CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 31 DESEMBER 2013 DAN 2012 Dinyatakan dalam ribuan Dolar Amerika Serikat, kecuali dinyatakan lain NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 31 DECEMBER 2013 AND 2012 Expressed in thousands of US Dollar, unless otherwise stated 46. KEBIJAKAN MANAJEMEN RISIKO lanjutan 46. RISK MANAGEMENT POLICY continued

b. Risiko keuangan lanjutan

b. Financial risk continued

I. Risiko pasar lanjutan

I. Market risk continued

ii Risiko harga komoditas lanjutan ii Commodity price risk continued Kemampuan Grup dalam menghasilkan laba dipengaruhi signifikan oleh harga dan permintaan minyak mentah, gas dan produk kilang, perbedaan antara harga perolehan minyak mentah, biaya eksplorasi, pengembangan, produksi, distribusi dan penjualan minyak mentah, gas dan produk minyak. Pasar internasional dan domestik untuk minyak mentah dan produk kilang berfluktuasi, yang ditandai dari fluktuasi harga belum lama ini. Fluktuasi harga pasar minyak mentah, gas dan produk kilang tergantung dari berbagai faktor diluar kendali Grup. Faktor- faktor tersebut antara lain: The Group’s profitability is significantly affected by the prices of, and demand for, crude oil, natural gas and refined products, the difference between the cost price of crude oil, the costs of exploring for, developing, producing, transporting and selling crude oil, gas and refined products. The international and domestic markets for crude oil and refined products are fluctuative, and have recently been characterised by significant price fluctuations. The fluctuation of the market prices of crude oil, natural gas and refined products is subject to a variety of factors beyond the Group’s control. These factors, among others, include: - Peristiwa dan kondisi internasional, termasuk perkembangan politik dan ketidakstabilan wilayah penghasil minyak, seperti Timur Tengah terutama Teluk Persia, Iran dan Irak, Amerika Latin dan Afrika Barat; - International events and circumstances, as well as political developments and instability in petroleum producing regions, such as the Middle East particularly the Persian Gulf, Iran and Iraq, Latin America and Western Africa; - Kemampuan Organisasi Negara Penghasil Minyak OPEC dan negara produsen minyak lain menjaga tingkat produksi yang akan mempengaruhi harga pasar; - Tingkat pasokan sumber energi substitusi, seperti gas alam dan batubara; - Peraturan pemerintah dalam dan luar negeri terkait industri minyak dan gas pada umumnya, dan kebijakan harga minyak mentah, gas dan produk kilang di Indonesia; - Cakupan dan tingkat aktivitas eksplorasi dan produksi minyak dan gas dunia, persediaan minyak dan gas dunia, partisipasi pasar dari spekulan minyak dan produk lainnya; - The ability of the Organisation of Petroleum Exporting Countries OPEC and other petroleum- producing nations to set and influence market price: - Supply levels of substitute energy sources, such as natural gas and coal; - Domestic and foreign government regulations in relation to oil and energy industries in general, and crude oil, natural gas and refined product pricing policies in Indonesia; - The level and scope of exploration and production of global oil and gas, global oil and natural gas inventories, oil speculators and other commodity market participants; PT PERTAMINA PERSERO DAN ENTITAS ANAKAND SUBSIDIARIES Lampiran 5158 Schedule CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 31 DESEMBER 2013 DAN 2012 Dinyatakan dalam ribuan Dolar Amerika Serikat, kecuali dinyatakan lain NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 31 DECEMBER 2013 AND 2012 Expressed in thousands of US Dollar, unless otherwise stated 46. KEBIJAKAN MANAJEMEN RISIKO lanjutan 46. RISK MANAGEMENT POLICY continued