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Indonesian SOE Minister Erick Thohir Inaugurates PERTAMINA PRIDE

LAMPUNG, Indonesia, Apr 19, 2021 - (ACN Newswire) - State-Owned Enterprises (SOE) Minister Erick Thohir was at the Port of Semangka Bay, Kota Agung, Tanggamus Regency for the April 15 arrival and inauguration of the PERTAMINA PRIDE, a Very Large Crude Carrier (VLCC) commissioned by Pertamina International Shipping (PIS), the shipping sub-holding of PT Pertamina.

PERTAMINA PRIDE VLCC, with its capacity of 2 million barrels, aims to simplify the flow of energy and secure the supply of captive crude needs to Pertamina's refinery FOB Ras Tanura - Cilacap (4/15).

The ceremony was held onboard the supertanker, where the Minister was joined by Pertamina President Director Nicke Widyawati and Director of Logistics and Infrastructure Mulyono, PIS President Director Erry Widiastono and PIS President Commissioner A. Junaedy Ganieand, and representatives of Pertamina and PIS management.

Erick said it had become a necessity for state-owned enterprises to contribute to Indonesia's energy security, with its wealth of natural resources, expressing appreciation for Pertamina's efforts in transforming and presenting value creation so that it could become a global company. The government fully supports PIS's efforts in becoming an integrated shipping and logistics company and a world player, he said.

"Pertamina must think of its heyday in the 70s, become a global player and be ready to compete based on good corporate governance," said the Minister.

As a consumer-oriented shipping company, PIS strives to meet energy needs by creating various breakthroughs, such as the PERTAMINA PRIDE. Built at Japan Marine United (JMU) Shipyard from 2018, sailing for Indonesia on February 9, the tanker will carry out its duties supplying energy to Indonesia with a capacity of 2 million barrels. The PRIDE will simplify the supply chain, securing the supply of crude to Pertamina's Cilacap refinery FOB from Aramco's Ras Tanura, the main artery in the nation's energy supply.

PIS is driven to become a leading integrated logistics company in Asia, centred on petroleum and new growth industries, integrated logistics and services, and green energy business. PIS has a roadmap strategy in 3 phases, namely the integration of PIS with other Pertamina subsidiaries, becoming an integrated logistics company in Indonesia, and becoming a sustainable and leading energy transportation company in the region.

Pertamina President Director Nicke said investment in the new vessels, the PERTAMINA PRIDE and soon to be delivered PERTAMINA PRIME, were in line with shareholder directives to 'go global'. As a shipping company, Nicke said, PIS was transforming into a globally integrated logistics solutions provider as it had the ships, facilities and storage at the port as well. "Thus, the value chain managed by PIS will also get larger," she said.

Energy Needs in Indonesia

There is an upward trend in the consumption of energy and fuels, with Indonesia's total energy consumption increasing by a 3.5% CAGR from 100.1 million mtoe in 2000 to 185.5 million mtoe in 2018. PIS sees the energy consumption growing each year, from increasing demand for transport fuels to the widespread use of LPG for household needs.

"We see a significant increase in energy consumption in Indonesia, but we are optimistic that we can continue to meet energy needs for the country. The presence of PRIDE in Indonesian waters shows our determination to be a leading shipping company, regionally and internationally. Let's move forward together, 'Shipping The Energy Worldwide, Energizing The Nation With Pride, PT PIS Delivering Promises,'" said PIS President Director Erry Widiastono.

About PT Pertamina International Shipping (PIS)

PT PIS, a sub-holding company of PT Pertamina (Persero), was established with a vision to become the leading shipping company in Asia, and drive economic growth in Indonesia. To realize this, PIS aims to be an agent of Indonesia's economic development with safe and sustainable operations, to become a trusted and reliable maritime partner, as well as creating value for stakeholders in running their business.

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