ANALISIS KEPUTUSAN INVESTASI PROYEK LPG TRANSSHIPMENT

• Main Author: Mufidah, Vernida
• Format: Theses
• Language: Indonesia
• Subjects: Manajemen umum
• Online Access: https://digilib.itb.ac.id/gdl/view/62989
• Institution: Institut Teknologi Bandung

LPG demand for East Indonesia increases year by year, currently the demands are being supplied by Ship to Ship (STS) in Kalbut, East Java that cause high cost due to far distance between terminal and destination point in East Kalimantan and Sulawesi. In addition, in STS there is no blending facilities, therefore blending process in their destination. PT Badak NGL or Badak LNG which is located in East Kalimantan has LPG storage facility and jetty that can be utilized to be LPG hub to cover the demand in East Indonesia. This project will build an LPG Hub Terminal in East Kalimantan with business scheme Build, Operate and Own (BOO) and project lifetime 10 years. The project cost is divided into Capital Expenditures and Operating Expenditure. The total cost for Capital Expenditure is 295 Billion Rupiah. Meanwhile the OPEX will be divided into fixed cost and variable cost. This variable cost depend on the volume of LPG that will be processed. To analyze the business environment, external factor analysis is conducted by using PESTLE to identify the project feasibility based on political, economic, social, technology, legal and environment. Meanwhile SWOT analysis result deliver that the threat for this project is competitive processing fee and high cost of maintenance and operation. Therefore LPG Hub business is very appealing, but the cost is high and the processing fee shall be competitive to make the project is feasible. The investment project analysis is conducted to determine the processing fee and limitation volume to make the project run. The investment and operational cost will be identified by using primary data and secondary data. From the LPG volume processed, the revenue will be generated by processing fee payment. For project feasibility criteria, capital budgeting technique is applied such as NPV, IRR, payback period, and profitability index. Based on the financial model, this project is feasible to run with IRR 18.87%, NPV Rp 368.376.211.074, profitability index 6.42, and payback period 5.9 years. This result is assumed for processing fee 11.9 USD/MT and 707.000 MT/year, funding scenario is 80% debt and 20% equity. The component that affect the project the most based on analysis are processing fee, LPG volume, interest rate, maintenance cost and salary. Regarding these component, the risk measurement is conducted and resulted delayed project timeline and energy usage regulation as the highest risk. To mitigate the delayed project, management commitment and project monitoring is needed to ensure the project timeline is on schedule. Meanwhile for mitigate the energy usage regulation change, long contract agreement for project duration shall be applied. Based on the sensitivity and scenario analysis, price and volume of LPG that have been conducted, price and volume are the most sensitive factor that can affect project financial condition. To accomodate this matter, take or pay strategy shall be applied to determine the processing fee and volume limitation. The result shows that lowest processing fee is 10 USD/MT with limitation of LPG volume 707.000 MT/year. Meanwhile the limitation of LPG volume to run this project is 500.000 MT/year with processing fee 11.9 USD/MT. If the LPG volume less than 500.000 MT/year, the project is not feasible to run.