Business Strategy for Oil Refinery Company in Facing Challenges in The Crude Oil Refining Industry

The development of the energy industry in a developing country Asia is undergoing transition process from oil and gas to electrical renewable energy. Based on Government data, share will decrease current 32% 20% 2050, this line with increase penetration electrification other diversification. However, demand for continue significantly due population. PTM, an company country, one its refineries supplied 26% domestic fuel by end 2021. facing several challenges that affect business, especially refineries. Domestic crude production (upstream) predicted decline up 40% next 10 years so meet need as raw material refineries, it must be met through imports. Most imported sour (high Sulfur), while existing refinery designed sweet (low Sulfur) which more expensive than crude, reduce company's profit future. petrochemical products currently still high, where imports products. Besides, faced fact use old technology, Lower complexity international competitors, conversion rate results low profit. Therefore, requires business strategy face above order generate better profits become competitive This study aims find appropriate company. uses VRIO Analysis Business Model Canvas determine internal environment, using PESTLE Porter's Five Forces external environment. Then summarized SWOT formulation 3 stages: Stage 1 (Input) consisting Internal Factor Evaluation (IFE) Matrix External (EFE) matrix, stage 2 (Matching) Internal-External (IE), (Decision) Quantitative Strategic Planning (QSPM). Finally, result (QSPM) Market Development. Development was chosen first priority strategy, namely processing capacity & flexibility, upgrade technology. With these strategies, expected