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Japanese firm NYK Line signs agreement to invest in Indonesian shipping firm PIS

20 Oct 2022

Japanese shipping firm NYK Line (NYK) on Wednesday (19 October) said it has reached a basic agreement to invest in PT Pertamina International Shipping (PIS), a shipping subsidiary of PT Pertamina (Persero), a state-owned oil and gas company based in Indonesia. 

The parties plan to conclude an investment agreement and complete the investment by the end of 2022.

Details on the investment amount were not disclosed in the announcement. 

NYK has been collaborating with PIS, a shipping subsidiary of Pertamina, particularly in ship management in the field of energy transportation.

“NYK was selected as a partner for investment in PIS because of the strong evaluation of NYK’s contribution to energy transportation in Indonesia over the years, with liquefied natural gas (LNG) transportation at the forefront,” said NYK. 

“Through this investment, NYK plans to conclude a long-term strategic partnership agreement with PIS and will collaborate with PIS in a wide range of businesses, including those associated with crude oil, petroleum products, LNG transportation, floating storage and regasification units (FSRUs).”

“And also, NYK and PIS intend to collaborate on carbon capture and storage (CCS), for which demand is expected to grow in the future to realise a carbon-neutral society,” said the firm. 

 

Photo credit: NYK
Published: 20 October, 2022

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