Pertamina renews cash management agreement with Bank Mandiri

State-owned oil and gas firm PT Pertamina signed an agreement on Wednesday with state-controlled Bank Mandiri to renew a 2016 agreement on cash management service called National Pooling.

Pertamina said in a statement that through the National Pooling, the company and its subsidiaries can optimize the utilization of excess liquidity within the group including for working capital.

The company first signed an agreement on the National Pooling program with the bank on August 15, 2016, under which the bank provides cash management services for the company and subsidiary PT Pertamina Patra Niaga. The agreement was renewed on October 4, 2016 to also involve other subsidiaries, namely PT Pertamina Retail, PT Pertamina Trans Kontinental, PT Pertamina Training & Consulting and PT Patra Jasa.

The new agreement on Wednesday added four other subsidiaries including PT Pertamina EP, PT Pertamina Lubricants, PT Pelita Air Service and PT Pertamina International Shipping.

Editing by Reiner Simanjuntak