Pertamina Begins $2.5b Fleet Renewal Program

Pertamina Shipping, a subsidiary of the Indonesia’s giant Pertamina, has placed orders for eleven new tankers in an aim to become a global shipper as well as a world-class energy company by 2024.

The company contracted PT PAL to build two vessels, two orders were placed with PT Anggrek Hitam and one with PT Multi Ocean Shipyard. Also, an order was placed for one 17,500 LTDW ship that will be built at PT Daya Radar Utama, reports Tempo.

Due to the fact that domestic shipyards are still incapable of building ships larger than 85,000 dwt, Pertamina had to go overseas to order the remaining five vessels.

These orders are part of a massive $2.5bn fleet renewal program under which the company will rebuild its aging tanker fleet that carries crude oil, gasoline and liquefied natural gas.

Pertamina, an Indonesian state-owned oil and natural gas corporation based in Jakarta, was created in August 1968 by the merger of Pertamin (established 1961) and Permina (established 1957). The firm is currently the second-largest crude oil producer in Indonesia behind the US-based Chevron Pacific Indonesia. The company operates 200 ships, of which 59 are owned.

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Shipbuilding Tribune Staff, October 3, 2013