BPMIGAS appoints national insurance firms to protect upstream assets

Upstream authority BPMIGAS has appointed two insurance consortia to protect various upstream assets of the authority for the period of 2012-2014.

Akhmad Syakhroza, Deputy for financial control at BPMIGAS said in a statement that the appointment indicates a paradigm change of the authority. ?We are not only committed to provide contribution for the State Budget, but also to become locomotive for the economy,? he said.

BPMIGAS appointed a consortium to cover well, industrial and LNG assets of the authority and production sharing contractors (PSCs).

The consortium comprises of 10 general insurance companies, namely state owned PT Asuransi Jasa Indonesia (Jasindo), Pertamina-owned PT Tugu Pratama Indonesia, PT Wahana Tata, PT Asuransi Adira Dinamika, PT Asuransi Central Asia, PT Asuransi Astra Buana, PT Asuransi Sinar Mas, PT Panin Insurance, PT Asuransi Jaya Proteksi and PT Asuransi Bangun Askrida. Jasindo was appointed as the head of the consortium.

BPMIGAS also appointed another consortium to provide insurance coverage for PSC projects which are still under constructions.

The consortium comprises of PT Asuransi Jasa Indonesia (Jasindo), PT Tugu Pratama Indonesia, PT Asuransi Adira Dinamika, PT Asuransi Central Asia, PT Asuransi Ekspor Indonesia, PT Asuransi Astra Buana, PT Asuransi Sinar Mas, PT Asuransi Wahana Tata, PT Panin Insurance, PT Asuransi Jaya Proteksi, and PT Asuransi Bangun Askrida. Jasindo was also selected as the head of the consortium.

Editing by Roffie Kurniawan