Ministry of Finance of the Republic of Indonesia and PT. AKR Corporindo Tbk. sign Subsidized Energy Contract for Fiscal Year 2024

Jakarta, 14th March 2024 – PT. AKR Corporindo Tbk. and the Indonesian Ministry of Finance signed the Subsidized Energy Contract for the 2024 Fiscal Year today. The signing was represented by President Director of PT AKR Corporindo Tbk, Mr Haryanto Adikoesoemo and Director of Non-Tax State Revenue from Natural Resources and Separated State Assets – Penerimaan Negara Bukan Pajak Sumber Daya Alam dan Kekayaan Negara Dipisahkan (PNBP SDA & KND) of the Ministry of Finance of the Republic of Indonesia , Rahayu Puspasari, witnessed by Director General of Budget of the Ministry of Finance of the Republic of Indonesia, Isa Rachmatarwata.

The distribution of subsidized energy carried out by the government through PT AKR Corporindo Tbk. This aims to provide access to energy at affordable, equitable and fair prices to people in need throughout the Republic of Indonesia, so that people's purchasing power is expected to continue to be well maintained.

" Subsidy has become vital element for our country. This program allows Goverment to show its presence by supporting communities directly to deal with price fluctuation, availability of fuel supplies and other challenges." explained the Director General of Budget.

He added that the government always strives to distribute energy subsidies in a targeted manner. "Right now, we are also working on how we can better target the distribution of subsidies, particularly for diesel, Pertalite and other fuel in Pertamina, and diesel in AKR . Hopefully we can make it happen in the near future. This is not just to reduce the amount of subsidies. We are actually trying to ensure that this is received by the right parties," he added.

AKR Corporindo expressed its readiness to accept assignments from the Government, "We thank the Government for trusting AKR continuously as a partner in distributing subsidized fuel since 2010. With the strength of the logistics infrastructure and IT monitoring system, as well as the experience we have, we are ready to distribute subsidized diesel to people who need it according to the assignment," said Haryanto Adikoesomo.

He added, PT. AKR Corporindo Tbk. has experience and is trusted in the field of supply chain logistics services for the procurement of Energy and Basic Chemical products in Indonesia. The company has been operating since 1960 and has built end to end supply chain logistics infrastructure including storage tanks, trucks and ships, reaching 17 sea and river ports in Indonesia. With its strength and experience, the Company is committed to distributing subsidized fuel in accordance with the Assignment Decree from BPH Migas No.90/P3JBT/BPH MIGAS/KOM/2023 concerning the Assignment of Provision and Distribution of Volume Quotas for Distribution of Special Types of Oil Fuel by PT. AKR Corporindo Tbk in 2024 with a total diesel oil quota of 167,515 Kilo liters.

PT. AKR Corporindo Tbk. together with the Government, we strive to continue to improve supervision so that the distribution of subsidized energy is on target and in the right volume. In this case, the Company is also developing a system at SPBKB (fuel filling station for motor vehicles) and SPBN (fuel filling station for fishermen), where all subsidized energy distribution transactions can be supervised jointly by the Government and PT AKR Corporindo Tbk.

The Company also greatly appreciates the support of the Ministry of Finance as the Government's representative in improving the governance of subsidy and compensation payments, so that the distribution of subsidized energy from PT AKR Corporindo Tbk is sustainable. to the community can continue to be maintained.

Corporate Secretary
PT AKR Corporindo Tbk