PIS & PIMD Cooperate with Low Sulfur Fuel Oil Trading in Singapore

Source: www.gulfoilandgas.com 8/13/2021, Location: Asia

Pertamina International Shipping Pte Ltd (PISPL) and Pertamina International Marketing and Distribution Pte Ltd (PIMD) have established a strategic partnership to optimize the VLCC PIS PIONEER vessel as a Floating Storage Unit (FSU) in Tanjung Pelepas, Malaysia.

PIMD commenced operation of PIS PIONEER, a Japanese-made VLCC in 2004, for a lease term as FSU on July 24, 2021. FSU PIS PIONEER and has successfully completed its first oil transfer to a barge controlled by PIMD EAGER on July 28, 2021 wherein EAGER subsequently delivered product LSFO to PIMD customers in Singapore.

PIS PIONEER is the first VLCC operated by PT Pertamina International Shipping. Obtained in 2018, the vessel has served various Charterers and International Oil Companies such as PV Oil (Vietnam), S-Oil (South Korea), Equinor (Norway), Petrobras (Brazil), SCI (India), BPCL (India), Hyundai Merchant Marine (South Korea), etc. PIS PIONEER is one of the FSU vessels that has received approval as a supply point from the FOB Singapore Marine Fuel assessment process carried out by S&P Global Platts while operating in Singapore within the last one and a half year charter period in 2019-2021. After completing more than 200 successful STS operational services at Tanjung Pelepas Malaysia, the ship returned to PIS in May 2021.

PIMD, a subsidiary of PT Pertamina Patra Niaga as Subholding Commercial & Trading of PT Pertamina (Persero), has ambitions to become a market leader in the bunker business in Singapore and compete with International Oil Companies (IOCs) and other Trading Companies in Asia. To achieve this goal, PIS and PIMD collaborated to make the Nipa area in the Riau Archipelago a strategic location as a center for bunkering activities in competing with the Singapore region. PIS and PIMD together promise to support each other for trade and shipping businesses and as a form of PT Pertamina (Persero)'s commitment to deliver energy and marine logistics solutions to international partners.

This partnership is based on a shared belief that collaboration across all subholdings of Pertamina and the Pertamina Group is at the core of achieving the Company's sustainable growth. PISPL, a subsidiary of PT PIS as Subholding Shipping of PT Pertamina (Persero) and aspires to become an Integrated Marine Logistics Company, will continue to support PIMD and other subholdings within the Pertamina Group. PT PIS is committed to providing value and quality of service to all stakeholders with service excellence and safe operations. Through PISPL as an overseas subsidiary, more vessels controlled by PIS have been actively commercialized to 3rd party Charterers in the region for periods and charter voyages to include worldwide trading areas.

In realizing the Subholding Integrated Marine Logistics Company, “Hopefully PIS Pioneer as a managed VLCC is a form of VLCC project effort that has succeeded in synergizing with current business partners, namely PIMD, which of course aims to realize national energy needs. In addition, this tangible form of cooperation is expected to continue to advance and develop as well as the new VLCC at this time, namely Pertamina Pride and Pertamina Prime," said Arief Sukmara, Corporate Secretary.

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