Pertamina Tongkang plans to set up subsidiary in Singapore
Monday, September 26 2011 - 07:10 AM WIB
?We hope the subsidiary will become an embryo of our plan to go international. We will start off by handling Pertamina-related business, such as transporting fuel which so far has been handled by Petral,? Pertamina Tongkang President Director Suherianto said.
He hopes over the next two years the planned new subsidiary will begin its operation. The reason for choosing Singapore as base is because Singapore is one of the busiest ports in the world. ?We select Singapore as stepping stone to go global,? said Suherinato.
He said the company set aside US$ 100 million as initial investment to purchase vessel. ?In term of financing, PTK has gained support by financial institutions to finance the company?s investment plan in the form of working capital loan, financing facilities as well as other form of cooperation. These include Exim Bank, Bank Mandiri and BCA,? he said.
He said the company targets to learn in managing big tanker vessels over the next one year or so and will add more tankers gradually. ?I think set up strategic alliance and sharing ownership of vessels is an option to go forward,? he said.
Over the past one year, PTK has added 14 new fleets in various types as well as two RIB vessels ((rigid-inflatable boat). This and next year, the company aims to add a total of 20-25 new vessels to support its activities, including medium range vessels.
In 2011 alone, PTK plans to add 3-6 medium range tanker vessels with capacity of around 35,000 dead weight tons (DWT). The tanker vessels will be utilized to import Pertamina?s fuel.
Based on the company?s medium term plan for 2011-2015, the company will add 40 new vessels, therefore increasing the company?s fleet to 60-70 vessels by 2015. (bernard)