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STX Pan Ocean secures Indonesian breakthrough

STX Pan Ocean secures Indonesian breakthrough

Seoul: STX Pan Ocean has secured a big breakthrough in southeast Asia by forming a shipping jv with Indonesian state-owned oil giant Pertamina. The new company will start operations in January next year, moving oil and gas out of Indonesia.
"This marks the first occasion for PT Pertamina to establish the joint-venture for logistics," an STX Group official told Korean media. "STX Pan Ocean will not only be able to secure cargo volume with a stable channel from PT Pertamina, but also be provided with a golden opportunity to advance into Indonesia's import and export logistics industry."
The cooperation agreement also extends to other STX Group activities including shipbuilding. This is the first of a raft of shipping jvs the Korean firm is looking to establish in the archipelago; cars, boxes, bulk and offshore are all being eyed. [08/05/09]

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