Risiko pasar lanjutan Market risk continued

PERTAMINA | Laporan Tahunan - Annual Report 2011 504 PT PERTAMINA PERSERO DAN ENTITAS ANAKAND SUBSIDIARIES Lampiran 5218 Schedule CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 31 DESEMBER 2011 DAN 2010 DAN 1 JANUARI 2010 Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 31 DECEMBER 2011 AND 201 0 AND 1 JANUARY 2010 Expressed in millions of Rupiah, unless otherwise stated 49. KEBIJAKAN MANAJEMEN RISIKO lanjutan 49. RISK MANAGEMENT POLICY continued

a. Risiko pasar lanjutan

a. Market risk continued

ii Risiko harga komoditi lanjutan ii Commodity price risk continued Kemampuan Grup dalam menghasilkan laba dipengaruhi secara signifikan oleh harga dan permintaan minyak mentah, gas dan produk kilang, perbedaan antara harga perolehan minyak mentah, gas dan produk kilang serta biaya eksplorasi, pengembangan, produksi, distribusi dan penjualan minyak mentah, gas dan produk minyak. Pasar internasional dan domestik untuk minyak mentah dan produk kilang berfluktuasi, dan ditenggarai oleh fluktuasi harga yang signifikan baru-baru 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 prices received for the crude oil, natural gas and refined products they produce and 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 volatile, and have recently been characterised by significant price fluctuations. The volatility of the market prices of crude oil, natural gas and refined products is subject to a variety of factors beyond the Group’s controls. These factors, among others, include: x 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; x 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; x Kemampuan Organisasi Negara Penghasil Minyak OPEC dan negara produsen minyak lain menjaga tingkat produksi dan dengan demikian mempengaruhi harga pasar; x Tingkat pasokan sumber energi substitusi, seperti gas alam dan batubara; x Peraturan Pemerintah dalam dan luar negeri terkait industri minyak dan gas pada umumnya, dan kebijakan harga minyak mentah, gas dan produk kilang di Indonesia; x Fluktuasi nilai tukar mata uang Dollar AS dan Rupiah; x Cakupan dan tingkat aktivitas eksplorasi dan produksi minyak dan gas dunia, persediaan minyak dan gas dunia, partisipasi pasar dari spekulan minyak dan produk lainnya; x Kondisi cuaca dan musim; x Perubahan kebijakan penentuan harga dari kompetitor dan Pemerintah; dan x Kondisi ekonomi global, domestik dan regional. x The ability of the Organisation of Petroleum Exporting Countries OPEC and other petroleum-producing nations to set and maintain production levels and therefore influence market prices; x Supply levels of substitute energy sources, such as natural gas and coal; x Domestic and foreign government regulations with respect to oil and energy industries in general, and crude oil, natural gas and refined products pricing policies in Indonesia; x Fluctuations in exchange rates between the US Dollar and the Rupiah; x The level and scope of activity of global oil and natural gas exploration and production, global oil and natural gas inventories, oil speculators and other commodity market participants; x Weather conditions and seasonality; x Change in pricing policies of competitors and the Government; and x Overall global, domestic and regional economic conditions. PERTAMINA | Laporan Tahunan - Annual Report 2011 505 PT PERTAMINA PERSERO DAN ENTITAS ANAKAND SUBSIDIARIES Lampiran 5219 Schedule CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 31 DESEMBER 2011 DAN 2010 DAN 1 JANUARI 2010 Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 31 DECEMBER 2011 AND 201 0 AND 1 JANUARY 2010 Expressed in millions of Rupiah, unless otherwise stated 49. KEBIJAKAN MANAJEMEN RISIKO lanjutan 49. RISK MANAGEMENT POLICY continued