AKR, Castrol sign distributorship agreement

By Thomas Sembiring

PT AKR Niaga Indonesia (AKR Niaga), a subsidiary of IDX-listed logistics and fuel distributor company PT AKR Corporindo Tbk, has signed a distributorship agreement with PT Castrol Indonesia to help distribute the latter?s lubricant products to industrial and retail customers in the country.

AKR Director Suresh Vembu told Petromindo.com on Tuesday that the agreement was signed on Monday.

Suresh said that the distributorship agreement comes following a joint venture agreement signed in April of this year by AKR and BP, which owns the Castrol brand, for cooperation in developing fuel retail business in Indonesia. The two companies then set up a joint venture firm called PT Aneka Petroindo Raya, which is expected to set up its first fuel retail unit in 2018.

Editing by Reiner Simanjuntak