Pertamina sets up new shipping subsidiary
Tuesday, January 24 2017 - 01:29 AM WIB
State-owned oil and gas firm PT Pertamina has set up a new shipping subsidiary called PT Pertamina International Shipping (PIS), which will provide shipping services at home.
Pertamina said in a statement over the weekend that the company owns 99.5 percent stake in PIS, while another subsidiary PT Pertamina Lubricants owns the remaining 0.5 percent shares.
The company said that the Deed of Incorporation was signed by Pertamina President Director Dwi Soetjipto and Pertamina Lubricants President Director Gigih W. H. Irianto on Friday. Dwi said that PIS will not only provide its services for Pertamina but also other potential clients.
The statement said that PIS obtained an initial capital of US$10 million, and Pertamina will later provide additional equity in the form of five assets including one floating storage vessel, and four fuel tankers to allow the newly-set company to start operation soon.
Editing by Reiner Simanjuntak