Indonesian state-owned oil company PT Pertamina has opened an office in Singapore to trade and market marine fuel, amongst other products, according to Reuters.
Agus Witjaksono, the managing director of Singapore-based Pertamina International Marketing and Distribution Pte Ltd, said the company will be targeting for a 5% share in Singapore’s marine fuels market in five years by taking advantage of the parent company’s low sulphur fuel oil (LSFO) production facilities in Indonesia.
“We have an advantage because of IMO 2020. Pertamina has low-sulphur fuel oil and blending components so we can enter into partnerships with oil blenders,” Witjaksono told Reuters.
He pointed out oil blending operations for IMO compliant marine fuels to be carried out at the TBBM Sambu Island Fuel Terminal, amongst other locations, where Pertamina is supplying blending components to the Singapore subsidiary of U.S. based Freepoint Commodities.
The TBBM Sambu Island Fuel Terminal is currently being upgraded in a joint venture with the Singapore subsidiary of U.S. based Freepoint Commodities through an agreement with PT Pertamina signed in May.
Singapore recorded total marine fuel sales of 49.8 million metric tonnes (mt) in 2018.
Related: Freepoint Commodities to start Singapore VLSFO bunker business in Q4
Related: Indonesia: Freepoint Commodities expands regional bunker business
Photo credit: Pertamina
Published: 26 September, 2019
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