The shipping arm of Indonesian state-owned oil and gas firm Pertamina and LPG trading firm BGN signed a Heads of Agreement (HoA) to set up a joint venture for the acquisition, maintenance, and operation of VLGCs and potentially other types of vessels.
"The VLGC business will support BGN's imports of Pertamina's LPG. At some point, it might endorse the cargo market of ammonia," said Commercial Director of PIS, Arief Sukmara.
The agreement signed on 23 December last year at the inauguration of PIS’ branch office in Dubai. The HoA with BGN was signed by the CEO of BGN Group, Ruya Bayegan, and the CEO of PIS, Yoki Firnandi.
PIS also signed Memorandum of Collaboration (MoC) with Elite Tankship Pte Ltd to address the clean Petroleum Products (CPP), Dirty Petroleum Products (DPP), gas and other commodities markets in the Middle East.
The MoC was signed by Elite Tankship CEO Mangish Kakodkar, and PIS Director of Operations and Singapore Managing Director Brilian Perdana.
Elite Tankship is headquartered in Singapore last May chartered PIS’ largest vessel VLCC Pertamina Prime for a period of six years.
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