The Singapore subsidiary of Freepoint Commodities, a U.S. based merchant of physical commodities and a financer of upper-and mid-stream commodity-producing assets, on Friday (3 May) entered an agreement with PT Pertamina to further develop the TBBM Sambu Island Fuel Terminal.
“Freepoint is one of the largest fuel traders and bunker suppliers in the western hemisphere (Western Hemisphere),” said Sheldon Pang, Vice Chairman of Freepoint Commodities.
“We are very happy to be able to join hands with Pertamina to support Indonesia's oil infrastructure improvement plans and the development of low sulphur bunkering businesses in Indonesia.”
The collaboration will arrange Pertamina as a supplier of products stored and blended at TBBM Pulau Sambu, while terminal operations carried out by Pertamina would be optimised and supported by Freepoint.
In addition, Pertamina will also have the option of purchasing final products from TBBM Pulau Sambu for both domestic and trading purposes.
Pertamina VP of Corporate Communication, Fajriyah Usman, noted the terminal being located on a separate island between Batam and Singapore and considered it an optimum position for supplying commodities for international trading.
“So far, TBBM Sambu Island has been used as a storage place for Pertamina's BBM [commodities]. In addition to providing added value, this collaboration also does not interfere with the distribution of fuel which continues to operate as usual,” she says.
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Photo credit: Pertamina
Published: 2 August, 2018
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