NYK to invest in shipping subsidiary of Indonesian national oil and gas company Pertamina
NYK 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, according to the company's release.
Pertamina is the largest state-owned oil and gas company in Indonesia, where energy demand is expected to continue to increase in tandem with the nation’s remarkable economic growth. 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 LNG (liquefied natural gas) transportation at the forefront.
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 realize a carbon-neutral society.
In February 2021, NYK released the “NYK Group ESG Story,” which aims to further integrate ESG into the company’s management strategy and promotes activities that contribute to the achievement of the SDGs through business activities.
