Pertamina, PTTPM seal deal on supply of polymer
Tuesday, June 4 2013 - 10:22 AM WIB
State oil and gas firm PT Pertamina has signed a sale and purchase agreement with PTT Polymer Marketing (PTTPM) on the supply of polyethylene and polypropylene, marking its first step into developing domestic petrochemical industry.
The agreement was inked by Pertamina SVP for Non-Fuel Distribution Directorate Taryono and representative of PTTPM Supachoke Liamkhaeo, a media statement dated June 4 said. PTTPM is a subsidiary of PTT Global Chemical.
Under the agreement, PTTPM will guarantee the supply of 5,000 tons of polyethylene and polypropylene per month until the planned joint venture between the two firms is established. The marketing of the polymer will continue to significantly increase after the operation of Pertamina?s petrochemical plant, which is slated in 2017.
Pertamina expects to make petrochemical one of its key business lines, in addition to upstream oil and gas business.
Editing by Dadan Wijaksana