Category: Oil & Gas

PIS with BGN Adds Two Giant Gas Tankers, Supporting Energy Resilience and Global Market Expansion for Indonesia

Pertamina International Shipping (PIS) has strengthened its fleet by adding two Very Large Gas Carriers (VLGC), giant gas tankers optimized for transporting LPG both domestically and internationally. Named the VLGC Pertamina Gas Tulip and the VLGC Pertamina Gas Bergenia, they are among the world’s largest gas tankers, environmentally friendly and using the latest technology.

The twin tankers, each spanning twice the length of a football field, were constructed at Hyundai Samho shipyard in South Korea and officially launched on Tuesday, January 9th. The ownership of these tankers is a result of the collaboration between PIS and BGN, the global energy and commodities trading company, which commenced in December 2022 and accelerated with the signing of an agreement in October 2023.

The launch of these new vessels was officiated by the President Director of PT Pertamina (Persero) Nicke Widyawati, Group CEO of BGN Ruya Bayegan, President and CEO of Hyundai Samho Heavy Industries Shin Hyeon Dae, CEO of Pertamina International Shipping (PIS) Yoki Firnandi, and witnessed by Pertamina Commissioner Iggi Haruman Achsien and PIS Commissioner Lina Santi.

“The presence of these two VLGC ships will undoubtedly enhance the capability of the Pertamina Group in securing energy supplies to support national energy resilience. Their cutting-edge technology is evidence of Pertamina Group’s commitment to sustainable business,” said Pertamina’s President Director Nicke Widyawati.

The latest VLGCs, said Nicke, have also been qualified to sail internationally, thereby expanding Indonesia’s presence in the global shipping arena.

Ruya Bayegan, Group CEO of BGN, added: “We are delighted to see these two modern, efficient ships on the water, thanks to our collaborative partnership with PIS. We are pleased to help strengthen the energy security of Indonesia at the same time as supporting BGN’s global energy and commodities trading platform with these maritime assets.”

Yoki Firnandi, CEO of PIS, said that as the Sub-Holding Integrated Marine Logistics (SH IML) of Pertamina, PIS plays a crucial role in ensuring the national energy distribution of Indonesia, an archipelagic country where nearly two-thirds of its territory is ocean.

PIS plans to continue expanding its tanker fleet for transporting LPG and other gas commodities. “We plan to add 6 VLGCs in 2024, starting with these 2 VLGCs at the beginning of the year, which will further strengthen PIS’s position in the global LPG transportation business. The purchase of these environmentally friendly VLGCs is in line with our mission to be a maritime logistics company supporting Indonesia’s NDC target by 2030,” Yoki said.

The vessels’ sustainability advantages that contribute to the global energy transition include having dual-fuel tanks, enabling the optimization of low sulfur fuel and gas. The vessels can transport not only gas or LPG but also petrochemical commodities such as ammonia.

The latest technology on VLGC Pertamina Gas Tulip and Pertamina Gas Bergenia is said to improve the ship’s speed with even more efficient fuel usage, up to 16%. Moreover, these vessels have incorporated Artificial Intelligence (AI) and Augmented Reality (AR) technologies into their operations.

The names Tulip and Bergenia were chosen as they hold special meanings for PIS, which may also be applied to BGN. The Tulip symbolizes magnificence, while Bergenia signifies strength.

With the addition of these vessels, PIS’s fleet now totals 97 units, including 61 tankers operating internationally. “We are optimistic that this number will continue to grow in the future, in line with the company’s targets,” concluded Yoki.

Media Contacts:
Muh. Aryomekka Firdaus
Corporate Secretary, 
PT Pertamina International Shipping
E: aryomekka@pertamina.com
U: https://pertamina-pis.com 

Giles Broom
Global Head of Communications,
BGN International
E: mediabgn@bgn-int.com
U: https://bgn-int.com

Pertamina NRE presents Indonesia’s EV ecosystem at COP28

With Pertamina NRE involvement in Indonesia’s electric vehicle (EV) ecosystem development, the adoption of EVs represents a significant opportunity for the company, thereby reinforcing Indonesia’s efforts towards energy transition, the company said at the 2023 United Nations Climate Change Conference (COP28) on Friday (Dec 1).

Pertamina NRE presented Indonesia’s developing EV ecosystem at the 2023 United Nations Climate Change Conference (COP28). (ANTARA/HO-PERTAMINA)

Dannif Danusaputro, President Director of Pertamina New Renewable Energy (NRE), a subsidiary of the state-owned oil and gas company, conveyed their commitment to developing the EV ecosystem. “We will play a leading role in the infrastructure, charging stations, and the entire supply chain process for electric vehicles,” he noted during a session themed “E-Mobility: Balancing Sustainability and Growth in Critical Supply Chains” at the Indonesian Pavilion.

Dannif remarked that Pertamina NRE will develop two-wheeled EVs. The company has already collaborated with several ride-hailing companies in Indonesia. This collaboration involves fleet operator development, drivers, and charging infrastructure. The company will also focus on developing battery packs for two-wheeled vehicles.

In November 2023, Pertamina NRE partnered with PT VKTR Mobility Technology Tbk to initiate sustainable mobility solutions. Both companies introduced the Electric Mobility as a Service (e-MaaS) model to support the adoption of EVs for urban public transportation services.

The e-MaaS model offers flexible financing for operating and maintaining EV buses, intending to reduce reliance on government funding, thereby saving costs for deploying environmentally friendly vehicles in major cities. Dannif emphasized that the e-MaaS model also encompasses crucial infrastructure, such as charging stations and renewable energy sources.

During his presentation, Dannif stressed the importance of funding. He highlighted the need for funding to advance EV technology throughout the supply chain. “This is crucial in the development of the electric vehicle ecosystem. With it, a robust and independent electric vehicle supply chain will materialize more quickly,” Dannif stated.

Dannif also underscored another critical aspect: the diverse natural resources distributed across different regions, with connectivity pivotal in providing clean energy. Infrastructure and connectivity will facilitate supply chain distribution, accelerating the realization of the EV ecosystem.

Pertamina NRE’s support for the EV ecosystem aligns with President Joko Widodo’s directive to expedite public transportation electrification, as stipulated in Presidential Regulation 55/2019 and Presidential Instruction 7/2022. Pertamina NRE’s efforts aim to accelerate an environmentally friendly transportation supply chain ecosystem.

Shinta Kamdani, deputy chairperson for maritime affairs, investment and foreign affairs at the Indonesian Chamber of Commerce and Industry, stated that Indonesia holds significant potential in EV development. “Although still in its early stages, Indonesia has immense potential, from utilizing raw materials to battery recycling. The private sector can participate and seize opportunities in developing the electric vehicle supply chain ecosystem,” Shinta stated.

Encouraging the adoption of EVs, the government has implemented various measures to attract consumers, including incentives of Rp7 million for new motorcycles or conversions. On the manufacturing side, there is a 10 percent value-added tax deduction for domestic component levels reaching 40 percent.

Rachmat Kaimuddin, deputy for Infrastructure and Transportation Coordination at the Coordinating Ministry for Maritime Affairs and Investment, highlighted Indonesia’s active role as a primary EV supplier, not only nationally but also regionally. “Indonesia could become a major player in supplying electric vehicles internationally. This effort can commence with exports to the Southeast Asian region,” Rachmat remarked.

All panelists in the session agreed that utilizing raw materials, such as nickel, presents a significant opportunity for Indonesia. Moreover, collaborative steps are needed to enhance capacity and technology as well as leverage advantages for competitiveness. These efforts will progress smoothly with policy support from the government.

Francois De Maricourt, President Director of PT Bank HSBC Indonesia, and Kwasi Ampofo, Head of Metals and Mining at BloombergNEF, were also present at the session.

Pertamina, as a leading company in energy transition, is committed to supporting Net Zero Emission 2060 targets by unceasingly promoting programs that directly impact the achievement of Sustainable Development Goals (SDGs). These efforts align with the Environmental, Social & Governance (ESG) implementation across Pertamina’s business lines and operations.

PERTAMINA, https://www.pertamina.com 

Media ContactDicky SeptriadiCorporate SecretaryPT Pertamina New & Renewable EnergyM: +62 8111663456E: dicky.septriadi@pertamina.com

Pertamina Hulu Rokan expounds on Wetlands Innovation at COP28

PT Pertamina Hulu Rokan (PHR) presented innovations in creating wetlands to manage wastewater produced from its operational activities at COP28 on Friday. PHR’s innovations, which were implemented to support the achievement of net zero emissions (NZE) by 2060, were presented at the 2023 UN Climate Change Summit, or Conference of the Parties (COP28), in Dubai, United Arab Emirates (UAE), on Friday (12/01).

PT Pertamina Hulu Rokan (PHR) present its innovation in constructing wetlands to manage water waste produced from its operational activities at COP28. (Antara / HO-Pertamina)

PHR Vice President, Facility Engineering, Erwin Sinisuka explained that nature-based solutions (NBS) were employed to manage wastewater produced by Pertamina’s energy production processes. Wastewater management was carried out using constructed wetlands based on hydro technology, where wetlands are formed using a hydraulic loading rate technique, so that wastewater management simply used gravity. 

PHR Vice President of Facility Engineering Erwin Sinisuka. (ANTARA/HO-PERTAMINA)

Erwin said the development of wetlands were part of the effort towards environmentally friendly operations, in accordance with environmental standards of the Ministry of Environment and Forestry. The session, ‘Unlocking the Potential of Nature Based Solutions, for Adaptation and Mitigation of Climate Change’ was held at the Indonesian Pavilion, COP28, on Friday. 

PHR has built constructed wetland covering an area of 5,000 m2 in one of its Rokan Block work areas. The wetland is the company’s pilot waste management project, while it is developing 14 wetland construction projects in its work areas.

The wetland has reduced emissions by 1,341 tCO2eq from January to October 2023, and has reduced wastewater discharge, which reached 11,30 barrels per day (bwpd) before construction, whereas now it is only 7,217 bwpd.

Constructed wetlands are not only for waste management but can provide more significant benefits for the community. “The community will always be our focal point, as their involvement can be the key to successful wetland management,” Sinisuka said.

PHR collaborates with local communities to manage these wetlands. The buffer materials and plants used at this location come from local sources, including coconut fiber, which is used as a filter. Apart from that, the community can use filtered water, he said.

Vice President of Upstream Business Operational Excellence, Health, Safety, and Environment, PHR I, Nyoman Widaryantha Naya added that this artificial wetland also becomes a water absorption area, which can reduce the risk of flooding “This constructed wetland also has many other benefits for the community. Residents are also now using the area as a small-scale transportation route by boat,” Widaryantha said.

In a similar session, the Deputy for Environmental and Forestry Management Coordination at the Coordinating Ministry for Maritime Affairs and Investment, Nani Hendiarti, stated that Indonesia has great potential to develop NBS, where 15 percent of the world’s NBS potential is in Indonesia.

Seeing these various potentials, the government is developing a blue carbon roadmap. Presidential Regulation 98 (2021) concerning the Economic Value of Carbon strengthens the optimization of blue carbon. “We will also include the marine sector and blue carbon in the nationally determined contribution targets,” Hendiarti said.

The Director General of Marine Spatial Management, Ministry of Maritime Affairs and Fisheries, Victor Gustaaf Manopo, said that blue carbon is part of climate adaptation through ecosystem resilience.

The event was also attended by Assistant Deputy Secretary, UAE Ministry of Climate Change and Environment, Mohamed Salman Alhammadi; Senior Natural Resources Management Specialist, World Bank, Ambroise Beriner; President Director, Sucofindo, Jodi Triananda Hasjim; and Executive Director, Tropical Forest Alliance, World Economic Forum, Jack Hurd.

As a leading company in the energy transition sector, Pertamina is committed to supporting the 2060 Net Zero Emission targets and continues to encourage programs that impact the achievement of Sustainable Development Goals (SDGs). These efforts align with implementing environmental, social, and governance (ESG) in all Pertamina business lines and operations.

PERTAMINA, https://www.pertamina.com 

Media Contact
Sonitha Poernomo
Manager Corporate Communications
PT Pertamina Hulu Rokan (PHR)
M: +62 811-851-9273
E: sonitha.poernomo@pertamina.com 

Pertamina Reaffirms its Commitment to Net Zero Emissions by 2060

President Director of PT Pertamina (Persero) Nicke Widyawati reiterated Pertamina’s commitment to supporting the Indonesian Government in achieving net zero emissions by 2060 at the 2023 UN Climate Change Summit or Conference of the Parties (COP-28), being held in Dubai, the United Arab Emirates, from November 30 to December 12, 2023.

President Director of PT Pertamina (Persero) Nicke Widyawati (second left) during the 2023 UN Climate Change Summit (COP-28), taking place in Dubai, UAE. [Antara / HO-Pertamina]

In a discussion session at the Indonesian Pavilion, Widyawati explained that Indonesia faces an energy trilemma with three main issues: energy security, equality, and sustainability. To deal with these three issues, Pertamina has developed three comprehensive strategic initiatives: decarbonization of the company’s operations (scope 1), building new low-carbon businesses (scope 2), and implementing a carbon offset program (scope 3).

As a developing country, she said that Indonesia targets stable economic growth where energy catalyzes economic growth. Therefore, as a state-owned enterprise (BUMN), Pertamina places energy security as a top priority. However, Pertamina must manage the balance for energy equality, which includes energy accessibility, affordability, and energy sustainability in reducing carbon emissions in our operations for scopes one, two, and three, Widyawati said.

She said that Indonesia is not ready to switch all fossil fuels to renewable energy, as this would endanger national energy security. Therefore, Pertamina has developed initiatives for managing sustainability while maintaining energy security and strengthening energy equality.

Pertamina must maintain its primary business, oil and gas, because the Indonesian government aims to increase upstream oil and gas production from 700,000 barrels per day to 1 million barrels per day in 2030. But this is done using a green operation method, she said. 

Pertamina is carrying out three initiatives towards energy efficiency, as it is essential and more manageable for reducing emissions. The contribution of energy efficiency to reducing emissions is around 39 percent. That is why we focus on energy efficiency in our operations: upstream, processing, and downstream, Widyawati said. 

Next is methane reduction. Methane can destroy the environment, which is worse than CO2 emissions. That is why we have set a target of a 7.6 percent reduction in methane, with carbon emissions (CO2) reduced by 5.5 percent and flare reduction and its utilization by 16.7 percent, she said. From these three operations through the end of last year, Pertamina successfully reduced 31 percent of emissions in its internal operations.

The second initiative is to increase the development of low-carbon products by producing biofuels. Indonesia is the eighth-largest country with forests, so Indonesia can produce biofuel. With the 35 percent biodiesel (B35) program last year, we reduced around 32 million tons of CO2 annually. We will add more B35 now and introduce the 40 percent biodiesel (B40) next year. Even in our new national energy policy, the target is up to 60 percent biodiesel (B60), Widyawati said.

Pertamina has a bio gasoline program that mixes bioethanol from sugar cane, corn, and cassava into gasoline. Pertamina will start with a bioethanol blending level of 5 percent (E5), and in the Indonesian National Energy Policy, it will gradually increase to a bioethanol blending level of 40 percent (E40). Regarding this biofuel, Pertamina has just launched sustainable jet fuel (Sustainable Efficient Fuel), which is mixed with crude palm oil (CPO).

Therefore, this program is the best option for Indonesia. There are three main benefits. First, we can reduce fuel imports through biofuel. Second, we can reduce emissions. And the third is creating jobs in upstream sectors, Widyawati said.

The third initiative is carbon offsetting. Even though fossil fuels and coal-fired power plants still exist, Pertamina must reduce emissions through carbon capture, utilization, storage, and nature-based solutions (NBS). She said the current capacity to absorb emissions from the global environment is up to 15 percent.

Carrying out these various initiatives, she said, Pertamina faces four challenges. The first is the regulatory framework to accelerate the development of renewable energy. The second challenge is related to technology, as Indonesia needs technology for all its abundant natural resources that can be used to produce energy. The next challenge is financial because Indonesia needs funding, especially for the initial stages of research and development. The fourth challenge is building capabilities and capacity. We believe that we need global collaboration to overcome these challenges, especially from governments, Widyawati said.

The Director General of Electricity, Ministry of Energy and Mineral Resources, Jisman P Hutajulu, invited all stakeholders to encourage the energy transition by utilizing New, Renewable Energy. The development of EBT in this energy transition is for the long term, Jisman said on the sideline of a discussion themed “Increasing Ambitions in Renewable Energy Targets for NDC Acceleration” on Thursday (Nov 30). 

As a leading company in the energy transition sector, Pertamina is committed to supporting the 2060 Net Zero Emission target by continuing to encourage programs that directly impact the achievement of Sustainable Development Goals (SDGs). These efforts align with implementing Environmental, Social, and Governance (ESG) in all Pertamina business lines and operations.

PERTAMINA, https://www.pertamina.com

Media Contact:
Fadjar Djoko Santoso
Vice President, Corporate Communication, PT Pertamina (Persero)
E: fadjar.santoso@pertamina.com 

PIS and KARPOWERSHIP Forge a Strategic Partnership for Sustainable Energy Infrastructure

Pertamina International Shipping (PIS) and KAPOWERSHIP are proud to announce the formalization of a groundbreaking General Partnership Agreement (GPA) to develop critical energy infrastructure in Indonesia.

The partnership was formalized during the COP28 in Dubai, Friday (1/12), signifying the parties’ joint commitment to providing cleaner, more accessible energy solutions on a global stage.

The agreement, signed by CEO of PIS Yoki Firnandi, and DoÄŸan Karadeniz, founding partner of KARPOWERSHIP. The signing moment was witnessed by President Director of PT Pertamina (Persero) Nicke Widyawati and Rabin Indrajad Hattari, the permanent secretary at the State-Owned Enterprises (SOE) Ministry of Indonesia.

Under the GPA, both entities will join forces to explore and implement various initiatives aimed at advancing the energy landscape in Indonesia and beyond. The key focus areas include power generation opportunities with a special focus on cutting-edge Powership technology; unlocking gas assets through liquefaction with a great potential of a Floating Liquefied Natural Gas (FLNG) development and deployment; collaborating on LNG infrastructural projects including Floating Storage and Regasification Units (FSRUs) and small-scale LNG distribution.

Both parties will also work together on extensive studies for the development of alternative fuel sources, including hydrogen, ammonia, methanol, and other biofuels. This reflects a shared commitment to exploring sustainable, cleaner energy solutions.

Nicke Widyawati, President Director of PT Pertamina (Persero), highlighted this collaboration between PIS and KARPOWERSHIP was a form of commitment to the energy transition to ensure Net Zero Emissions 2060.

“Collaboration is about exploring other business opportunities to optimize existing assets, such as floating mini-LNG and floating CNG facilities. We believe this development is the key to the energy transition because gas is a bridge to renewable energy,” Nicke added.

Highlighting the strategic importance of this collaboration, the founding partner of Karpowership DoÄŸan Karadeniz said: “We look forward to working together with PIS both in Indonesia and Southeast Asia and supporting countries in their important energy transition paths.”

This collaborative venture is poised to drive positive change in the energy sector, combining Karpowership’s expertise in efficient modular power generation with PIS’s commitment to supporting ongoing energy transition and sustainable energy initiatives. The partnership also establishes a flexible framework for both parties to explore lucrative business that contribute to the country’s economic development while simoltaneuosly accelerating the global transition to cleaner and more sustainable energy sources.

About KARPOWERSHIP:
The energy transition company Karpowership is the pioneer of the modern Powership. With over 25 years of experience in the floating power plant industry, Karpowership has over 6,000 MW of installed capacity globally via its Powerships and onshore plants, as well as a fleet of floating LNG infrastructure which includes LNG carriers and floating storage and regasification units (FSRUs). Operating in 14 different international markets across 4 continents, Karpowership provides a fast, flexible, and reliable solution to energy demand, and can provide base load, mid-merit, or peak-shaving electricity generation capacity to a host’s grid. As a plug-and-play solution, the company’s Powerships can deploy and begin generating electricity in as little as 30 days.

About PIS:
PT Pertamina Internasional Shipping (PIS) as a Sub-holding of Integrated Marine Logistics (IML) PT Pertamina (Persero) carrying out all shipping, marine services, and logistics businesses. Serving Pertamina Group, PIS shows its track record and expertise in distributing energy across the Indonesia’s waters. PIS owns more than 400 vessels including 96 owned tankers, 6 fuel and LPG storage terminals and operates 140 ports. With extensive and comprehensive services, PIS aggressively expands its non-captive market and already sailing in 50 international routes throughout the globe. Continuously strengthen the company with highly capable, experienced professionals, and wide-ranging fleet and facilities, PIS is committed to delivering excellent services.

For media inquiries or further information, please contact:
Muh. Aryomekka Firdaus
Corporate Secretary of PT Pertamina International Shipping
M.: (+62) 811-872-272
E.: aryomekka@pertamina.com

REDEX Group raises $10M Series A funding led by Aramco Ventures

REDEX, Asia’s leading Renewable Energy Certificates (RECs) solutions provider, announced today the successful completion of a USD 10 million Series A funding round.

REDEX’s mission is to accelerate the world’s transition towards renewable energy. The new funding will allow the company to expand beyond Asia, and to further innovate in streamlining and digitizing the issuance and trading of RECs.

Aramco Ventures led the investment, along with notable new investors from the Middle East, Southeast Asia, and Japan. Aramco Ventures is the corporate venturing subsidiary of Aramco, the world’s leading fully integrated energy and petrochemical enterprise.

“REDEX is well positioned as the leading marketplace for I-RECs, which will enable renewable energy markets in many parts of the world. We look forward to collaborating with the REDEX team to extend this capability into new geographies,” said Bruce Niven, Executive MD, Strategic Venturing at Aramco Ventures.

Established in 2018, REDEX Group is a first-mover RECs player in Asia, offering a full suite of RECs management solutions covering asset registration, verification, trading, and retirement.

“We are witnessing tremendous growth in the adoption of RECs by brand owners striving to be 100% renewable, both for themselves and their supply chains,” said Jen-Wee Kang, Founder and CEO of REDEX. “The demand for green energy is very real, and the number of RECs issued and retired is more than doubling year on year. Building on the trust we have established with key players in the ecosystem, REDEX is well-positioned to play a leading role in the exponential growth of RECs adoption globally.”

As a concept, RECs are very simple – the instrument traces one’s power consumption to renewable energy sources. Its simplicity is precisely why the instrument is the most convenient and practical way for companies to achieve Scope 2 neutrality.

RECs are endorsed and adopted by RE100, the main consortium of leading brand owners committed to 100% renewable electricity. The consortium was originally formed in 2014 by 13 corporate partners. Today, RE100 has more than 400 members who consume around 400 TWh of power.

REDEX believes there is great potential to apply RECs creatively in the industrial sector, like for green aluminium, steel, and cement – commodities that are covered in the starting phase of Europe’s Carbon Border Adjustment Mechanism (CBAM).

In April, the company announced that it was the first API-integrated Platform Operator Account on I-REC, the world’s largest RECs registry. In June, REDEX also announced its partnership with China Southern Grid, supporting the grid operator in its role as an I-REC Issuer in China.

About REDEX Group Pte Ltd

REDEX Group Pte Ltd operates Asia’s leading trading platform for Renewable Energy Certificates (RECs). The company offers a one-stop ecosystem for RECs, supporting clients through the full RECs lifecycle – asset registration, production verification, marketplace, and retirement. As an early mover in Asia with a proven track record, REDEX is developing practical and innovative solutions to meet the clean energy needs of corporates globally. The company’s mission is to accelerate the world’s transition towards renewable energy.

For more information, please visit https://redex.eco/

About Aramco Ventures

Aramco Ventures is the corporate venturing subsidiary of Aramco, the world’s leading fully integrated energy and petrochemical enterprise. Headquartered in Dhahran with offices in North America, Europe and Asia, Aramco Ventures strategic venturing programs invest globally in start-up and high growth companies with technologies of strategic importance to its parent, Aramco, primarily supporting the company’s operational decarbonization, new lower-carbon fuels businesses, and digital transformation initiatives. Aramco Ventures also operates Prosperity7, the company’s disruptive technologies investment program.

For more information, please visit www.aramcoventures.com

Media Contact:
enquiry@redex.eco 

Bintai Kinden Announces RM3.5 Million Contract Win for Subsidiary Johnson Medical International

  • Johnson Medical International Continues to Lead in Healthcare Solutions with New Contract

Bintai Kinden Corporation Berhad (BKCB or the Company; Bursa: BINTAI, 6998), a mechanical and electrical (M&E) engineering services specialist, is delighted to announce that Johnson Medical International Sdn. Bhd (JMI), a 50.5%-subsidiary of BKCB has secured from Blackfox Engineering Sdn. Bhd (BFESB) a RM 3.5 million contract which involves the Supply, Delivery, Installation, Testing, Commissioning, and Maintenance of a Pendant System for the 300-beds Hospital Petrajaya in Petra Jaya, Kuching, Sarawak.

Datuk Tay Chor Han, Managing Director cum CEO of BKCB

Datuk Tay Chor Han, Managing Director cum CEO of BKCB, commented, “We are thrilled for JMI to collaborate with BFESB on this project as it speaks to JMI’s established reputation as a competitive local Pendant System Specialist supplier. Coupled with the Mechanical and Electrical expertise of the BKCB Group backing us to undertake even more complex and high-value projects, we are optimistic that JMI will continue to advance its high-quality services and products offerings.”

This latest contract win joins a line of successful projects that JMI was previously been involved in, such as Hospital Tanjong Karang, Hospital UTAR, Hospital Cyberjaya, and Hospital Putrajaya, among others. The 380-day contract not only fortifies the Company’s revenue stream but also highlights JMI’s proficiency in medical infrastructure solutions.

Boasting numerous patents and registered designs, Johnson Medical International remains a pacesetter in the realm of modular healthcare solutions. This contract will contribute positively to the Company’s financials for the years ending 31 March 2024 and 31 March 2025.

Bintai Kinden Corporation Berhad: 6998 [BURSA: BKC], http://bintai.com.my/

Wintermar Offshore (WINS:JK) Reports 9M2023 Results

Wintermar Offshore Marine (WINS:JK) has announced results for 9M2023. Wintermar records 9M2023 Net Attributable Profit of US$2.8million compared to a loss of US$2.1million in 9M2022, on the back of better margins from a rise in fleet utilization and charter rates.

Rising fleet utilization through 3Q2023 along with better charter rates contributed to a 30.7%QOQ increase in revenue for 3Q2023, and boosted the gross profit margin to 23.4% for the quarter compared to 15.9% for 2Q2023.

For 9M2023, total revenue was up 23.3%YOY to US$51.2million of which US$20million was booked in 3Q2023.

Owned Vessel Division

In 3Q2023, the Owned Vessel Division saw a 43.7%QOQ jump in revenue to US$13.7million from US$9.5million in 2Q2023, as several mid and high tier vessels started charter contracts with higher daily rates. Direct costs for Owned Vessels rose by 17.0%YOY, largely from maintenance and operational costs from mobilizing vessels to new contracts.

Utilization of the fleet rose steadily through the quarter resulting in average utilization of 70% for 3Q2023, up from 56% in 2Q2023.

For 9M2023 Gross Profit from Owned Vessels reached US$6.8million (+242.9% YOY).

Chartering and Other Services

Revenue from the Chartering Division stayed flat at US$12.9million (+0.8%YOY), while gross profit for the Division in 9M2023 was US$1million, lower than US$1.5million in 9M2022.

Gross Profit from Other Services had a 29.6% YOY increase to US$2.3million for 9M2023.

Indirect Expenses and Operating Profit

Throughout the 9M2023, overall indirect expenses increased by 5.8% YOY to US$4.9 million. As business momentum picked up, there was an increase in staff salaries to US$3.6 million (+9.3% YOY), primarily due to the hiring of additional employees.

Operating Profit jumped to US$5.2million for 9M2023 (+778.1%) compared to only US$0.6million in 9M2022.

Other Income, Expenses and Net Attributable Profit

Interest expenses continued to fall by 10.0%YOY due to regular loan repayments while associated companies recorded a loss of US$0.3 million compared to a profit US$0.5milllion in 9M2022. Total Net Income before Taxes amounted to US$3.6 million for 9M2023, compared to a loss of US$2.4million in 9M2022.

As a result, the Company recorded a turnaround with Net Attributable profit of US$2.8million as compared with a loss of US$2.1million in 9M2022.

The group’s EBITDA also jumped by 50.4% YOY to US$14.7 million.

Outlook for O&G and the OSV Industry

Voluntary production cuts by Saudi Arabia and Russia while China, India, and Brazil continue to drive strong oil demand.

There has been a consistent increase in offshore oil and gas investments with long term projects that will drive utilization of offshore rigs and OSV demand into 2028.

Over the past nine months, the availability of Offshore Support Vessels (OSVs) has seen a decline due to drilling projects in the Middle East, Africa, and Latin America drawing the operationally ready OSVs toward the region. This tightness subsequently led to South East Asian rates finally beginning to increase in 2H2023.

Despite the rising demand, major OSV companies are still hesitant to invest in new vessels, emphasizing capital conservation and concerns about vessel longevity in the context of the ongoing energy shift towards renewable fuels for propulsion. This indicates that the upward momentum on charter rates will continue.

Company Outlook

Wintermar expects the strong performance to be maintained throughout the remainder of 2023. Charter rates are rising, but have not yet recovered to levels seen in the last peak. We expect the demand for high tier OSVs to gradually drive charter rates higher in the coming years. There is a structural shift in upstream oil and gas investments which favours offshore over onshore. In view of the high levels of approved investments in offshore through towards 2028, this recovery is likely to continue for the coming few years.

As at end of September 2023, the Company’s Contracts on hand amounted to US$76 million.

About Wintermar Offshore Marine Group

Wintermar Offshore Marine Group (WINS.JK), developed over nearly 50 years with a track record of quality that is both a source of pride and responsibility that we are dedicated to upholding, and sails a fleet of more than 48 Offshore Support Vessels ready for long term as well as spot charters. All vessels are operated by experienced Indonesian crew, tracked by satellite systems and monitored in real-time by shore-based Vessel Teams.

Wintermar is the first shipping company in Indonesia to be certified with an Integrated Management System by Lloyd’s Register Quality Assurance, and is currently certified with ISO 9001:2015 (Quality), ISO14001:2015 (Environment) and OHSAS 18001:2007 (Occupational Health and Safety). For more information, please visit www.wintermar.com.

For further information, please contact:

Ms. Pek Swan Layanto, CFA
Investor Relations
PT Wintermar Offshore Marine Tbk
Tel +62-21 530 5201 Ext 401
Email: investor_relations@wintermar.com

ONGC Roadshow in Singapore: Collaboration Opportunities in Offshore Oil and Gas Projects

Oil and Natural Gas Corporation (ONGC) is organizing a roadshow in Singapore on 19 and 20 October 2023, to invite global oil and gas companies for collaboration opportunities in offshore oil and gas projects. The Roadshow will offer valuable insights into business opportunities within India’s offshore oil and gas infrastructure sector. The Roadshow is taking place in Hotel Pan Pacific, 7 Raffles Boulevard, Singapore.

In pursuit of strategic growth aligned with the evolving energy landscape, ONGC has meticulously designed an ambitious roadmap, the Energy Strategy 2040. This comprehensive plan reflects its resolute commitment to double oil and gas production, expand refining capacity, diversify into renewable energy, and bolster our non-oil and gas ventures.

To achieve substantial growth and diversify its energy portfolio, ONGC prioritizes the early monetization of discoveries through accelerated project execution. It is also making significant investments in Deepwater exploration, Improved Oil Recovery (IOR), and Enhanced Oil Recovery (EOR) projects, maximizing production efficiency and tapping untapped reserves.

Aligned with its growth plans, ONGC is embarking on an expedited development of multiple offshore fields over the next three years. Its objective is to establish more than 25 offshore facilities, lay over 1000 kilometers of subsea pipelines, and create associated infrastructure, requiring an investment of USD 11 billion.

As a trailblazer in India’s energy sector since 1956, ONGC remains dedicated to providing dependable and sustainable energy solutions. Recognizing the vital role hydrocarbons will play in India’s energy security and economic growth, ONGC looks forward to have a mutually beneficial relationship and long lasting partnership with its business partners.

Issued by:
Oil and Natural Gas Corporation Limited
Corporate Communications, New Delhi

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Ganesh Somwanshi
Founder, Mett.AI  
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Pertamina International Shipping (PIS) Partners Energy Trader BGN, Expanding Global Fleet of LPG Carriers

PT Pertamina International Shipping (PIS) has once again engaged international partners to expand its presence in the global market and explore additional business opportunities in support of energy supply and security.

The signing took place at ADIPEC (Abu Dhabi International Petroleum Exhibition and Conference) 2023, the world’s largest energy exhibition and conference.

PIS has signed an agreement with BGN, a leader in global energy, in which the two companies outlined prospective collaborations that span joint ownership of Very Large Gas Carrier (VLGC) vessels, LPG cargo transportation, vessel leasing, amongst others, establishing the foundation for an enduring partnership. The first two vessels may be delivered as early as the first quarter of 2024.

With a current fleet size of 97 vessels, this deal further strengthens PIS’s position as a key player in the maritime industry. It also reinforces BGN’s position as an emerging maritime asset owner, with a growing number of LPG carriers in its fleet to facilitate the company’s trading operations.

BGN, present in 23 countries including offices in Dubai, Geneva, Houston, Rotterdam and Singapore, is a significant LPG trader and is a supplier to Indonesia.

The signing took place at ADIPEC (Abu Dhabi International Petroleum Exhibition and Conference) 2023, the world’s largest energy exhibition and conference, where this year’s theme is “Decarbonising. Faster. Together.” It was hosted at the Indonesian Pavilion led by SKK Migas (Special Task Force for Upstream Oil and Gas Business Activities).

The collaborative agreement was signed by PIS CEO Yoki Firnandi, and BGN CEO Ruya Bayegan, and witnessed by the Head of SKK Migas Dwi Soetjipto, Independent Commissioner of PT Pertamina (Persero) Iggi H. Achsien, Technical Advisor at Ministry of Energy and Mineral Resources Nanang Untung, Special Advisor to Minister for Acceleration of Infrastructure Development and Investment at Ministry of Energy and Mineral Resources Triharyo Susilo, Vice President SKK Migas Erwin Suryadi, and other distinguished guests, along with BGN’s head of shipping Ozan Turgut and other senior executives.

“The collaboration on VLGC and LPG cargo businesses with BGN is a tangible expression of PIS’s commitment to expand LPG commodity businesses and increase PIS’s share in its non-captive market, to strengthen national energy security,” stated Yoki.

BGN CEO Ruya Bayegan added “BGN excels at strong business partnerships and we are pleased to move forward with this new arrangement with Pertamina International Shipping (PIS). BGN’s collaboration with PIS will further enhance our maritime fleet to facilitate our growing energy trading business, cementing our position as a significant LPG trader, as well as supporting the Indonesian energy system.”

PIS and BGN have also been contributing to the vibrancy of ADIPEC 2023, which gathers together the global players in the oil and gas industry and supports the key themes of the forthcoming COP28 climate summit that will also take place in the UAE. This year’s ADIPEC has attracted participation from over 2,200 companies representing 30 countries worldwide, with a total of more than 15,000 delegates and 160,000 attendees.

About Pertamina International Shipping (PIS) Pte Ltd
As an Integrated Marine Logistics Subholding, PT Pertamina International Shipping (PIS) supports Indonesia’s economic growth through safe and sustainable operations, becoming a trusted and reliable maritime partner. Besides a total of 750 owned ships, PIS manages time and spot charters that can be leased through e-chartering. See https://pertamina-pis.com

About BGN International
As a leading energy companies, BGN efficiently conducts trading, storage, and transportation of petroleum products, petrochemicals, and commodities worldwide. Our integrated business model ranges from oil and gas trading and distribution to financing energy projects. Thanks to our established relationships with refineries, producers, state oil companies and international traders, we are present throughout the energy value chain. We also invest in infrastructure development to enhance our trading activities. Visit https://bgn-int.com.

Media Contact
Suh. Aryomekka Firdaus
Corporate Secretary, PI
M: +62 (0) 811 872 2722
E: aryomekka@pertamina.com

Giles Broom
Global Head of Communications, BGN
M: +41 (0) 79 468 6499
E: mediabgn@bgn-int.com