PIMD inks new deals with Freepoint Commodities

Freepoint Commodities LLC
2021-11-15 08:42 3073

SINGAPORE, Nov. 15, 2021 /PRNewswire/ -- On 2 November 2021, Pertamina International Marketing and Distribution (PIMD), the trading arm of PT Pertamina (Persero), inked several trading and collaboration agreements with Freepoint Commodities Singapore Pte. Ltd., a subsidiary of Freepoint Commodities. These deals strengthen the Pertamina Group and Freepoint's collaboration in the region and further the Pertamina Group's efforts to optimize company assets, supply commodity to the international market and establish trading hubs in Indonesia. 

These latest collaborations between the entities were commemorated by a signing ceremony on 5 November 2021 at Freepoint's Singapore office, officiated by Agus Witjaksono, Managing Director of PIMD, and Ouyang Xiuzhang, CEO of Freepoint Asia. Also in attendance from their headquarters in Stamford, USA, were CEO of Freepoint, David Messer and Vice Chairman of Freepoint and Chairman of Freepoint Solar, Sheldon Pang. Key management from the Pertamina Group also attended virtually, including Acting CEO of PT Pertamina Patra Niaga, Harsono Budi Santoso, Commercial Director of PT Pertamina International Shipping, Harry Budi Sidharta, and Feedstock and Product Optimization Director of PT Pertamina Kilang Internasional, Yoki Firnandi.

PT Pertamina (Persero) first formalized its partnership with Freepoint in May 2019, when it entered into the heads of agreement in connection with the refurbishment of the fuel terminal on Sambu Island, Riau Islands. This was a landmark partnership as it was the first time that Pertamina Group had collaborated with an international trading company to transform one of its many terminals in Indonesia into an international trading hub. Since then, the companies have achieved many other milestones together, including the maiden supply of low sulphur fuel oil cargo to the Sambu Fuel Terminal in December 2020.

"PIMD is committed to providing environmentally friendly, low emission products and fuel supply to the international and regional customers and partners. These new deals that we signed this week is aligned with these goals, and will enable us to continue to expand our trading footprint globally with Freepoint Commodities, who we see as our long-term global partner." said Agus Witjaksono, Managing Director of PIMD.

Ouyang Xiuzhang, who has been heading Freepoint's Asia business since 2016, said, "The Pertamina Group and Freepoint have a long-term plan to cooperate and jointly develop Indonesia as an international centre for low sulphur bunker, in addition to other projects. This latest suite of trading and cooperation agreements is further testament to our commitment to work together, and establish more trading hubs in Indonesia."

"With these agreements, through PIMD, Pertamina, and Freepoint have broadened our commitments and collaboration to cover a wider variety of oil products, from a greater pool of sources," explained Riva Siahaan, Central Marketing & Trading Director from Pertamina Patra Niaga (Commercial & Trading Subholding).

Sheldon Pang, Vice Chairman of Freepoint and Chairman of Freepoint Solar, added, "We are very happy to join hands once again with the Pertamina Group, our strategic partner in this region. We look forward to our companies continuing to scale new heights together in our efforts to help reduce emissions worldwide." 

About Freepoint Commodities:

Freepoint is a global merchant of physical commodities and a financier of commodity and greenhouse gas emissions-reducing assets.  Freepoint also provides physical supply services and related structured solutions. Founded in 2011, Freepoint is based in Stamford, CT and has more than 500 employees in over a dozen locations worldwide.

About Pertamina & PIMD:

Pertamina is Indonesia's State-Owned National Energy Holding Company. Founded in August 1968, Pertamina is based in Jakarta, with worldwide energy operations in upstream and downstream. PIMD is Pertamina's International Marketing & Trading Arm, based in Singapore and established in August 2019.

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Paige Thornton

Source: Freepoint Commodities LLC