PT Pertamina Patra Niaga, the commercial and commercial subholding of PT Pertamina (Persero), has signed a purchase agreement for Liquefied Petroleum Gas / LPG and sulfur with the Abu Dhabi National Oil Company (ADNOC).
The signing was carried out by Pertamina Vice President Trading and Other Business Patra Niaga Maya Kusmaya with ADNOC Senior President International Relations Salem Raheb Al Meheiri during the Indonesia-Emirates Amazing Week (IAEW) Business Forum last weekend.
The signing was witnessed directly by the Coordinating Minister for Maritime Affairs and Investment Luhut Binsar Panjaitan and the United Arab Emirates Minister of Energy and Infrastructure Suhail Al Mazroeui.
Suhail said that the LPG and sulfur supply contract to Pertamina is valid for four years. The contract value reaches US $ 500 million per year or a total of US $ 2-2.2 billion depending on the price. This contract can also be extended. In fact, the opportunity for other deals is also open.
"We will always be committed and support Indonesia and all its requirements. If we do have supplies, Indonesia will always be a priority, ”he stressed.
Pertamina's Central Marketing and Commerce Director Patra Niaga Hasto Wibowo said this cooperation ensures the safety of the national LPG supply which is projected to continue to increase every year. In the next year, the national demand for LPG is estimated at 8.3 million tons and will increase to 9.12 million tons in 2023 and then reach 10.01 million tons in 2024.
"Currently, the balance of national LPG import needs reaches 6 million tons per year. We hope that with this cooperation Pertamina can expand supply sources and maintain supply stability," he said.
This agreement can be extended annually with still being evaluated before the agreement ends. This cooperation is one of the procurement strategies for bundling LPG and petrochemical products that are purchased directly from producers.
"It is hoped that this collaboration can create long-term collaboration opportunities for LPG and petrochemical products by of course still paying attention to developments in the petrochemical business and referring to the national energy mix policy as stated in the RUEN (National Energy General Plan)," added Hasto.
Investor Daily, Page-10, Monday, March 8, 2021
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