Eastern Indonesia Region Exports First Condensate To International Market Reaches 1.1 Million Barrels

Illustration (Photo: Doc. ANTARA)

JAKARTA - Region 4 of Eastern Indonesia, part of Pertamina Hulu Energi Subholding Upstream Pertamina, through PT PHE Tomori Sulawesi (PHE TS) & PT Pertamina EP (PEP) signed a sale and purchase agreement for the mitigation condensate for the period 2024.

This contract has a value predicted at more than 75 million United (US) dollars, with a volume of 1.1 million Barrels with a contract period from May to December 2024.

The signing of the agreement was held on Tuesday, April 30 at the Pertamina International Marketing & Distribution Pte Ltd (PIMD) office, namely at One Raffles Place, Singapore. PIMD.

Thetengo Condensate is a domestic condensate produced from the Rights Field managed by PHE TS and Donggi Matindok Field managed by PEP.

The two fields are currently in the coordination of PT Pertamina EP Cepu (PEPC) as the East Indonesia Regional Management entity.

PIMD is a subsidiary of PT Pertamina Patra Niaga which is a Sub Holding Commercial & Trading, which plays a role in marketing Pertamina Group products to the international market.

PIMD since its establishment in 2019 has played an active role in marketing Pertamina products in international markets, such as Fuel Oil and Petrochemical from Sub Holding Refining & Petrochemical, as well as Crude / Condensate products from Sub Holding Upstream.

PIMD Managing Director Aditya Budi Prabowo expressed his appreciation for the trust and support of PHE TS and PEP to PIMD to commercialize the product of thetengo Condensate.

"Hopefully this success can be a form of continuous synergy between Sub Holding Upstream and Sub Holding Commercial & Trading, and of course this success can be an example of crude commercialization or condensates in the future," he said.

He hopes that the success of the synergy between PEPC and PIMD this time is expected to be a reference, especially for SHU and SH C&T, and all Sub Holdings in Pertamina Group, to be able to take advantage of the existence of PIMD to increase the value of Pertamina's products in the international market.

East Indonesia Regional Director Muhamad Arifin said the sale of the focal condensate, which is a collaboration between PHE TS and PEP as the owner of the condensate and PIMD as the trading arm of Pertamina, is clear evidence that the spirit of synergy between Sub Holdings in Pertamina Group is running well in accordance with the expectations of stakeholders.

"This is the first export to thetenuary Condensate by PHE TS & PEP to the international market since 2017, and all parties have proven that this sales process can run on time with the expected value for all parties in the Pertamina Group," he said.

Regional Indonesia Timur mengapresiasi keberhasilan PIMD dalam melakukan komersialisasi kondensat senang target waktu dan nilai yang diharapkan.

Arifin said this collaboration is clear evidence of the spirit of synergy between Sub Holdings.

"Hopefully with this breakthrough, there will be opportunities for new synergies between Sub Holding Upstream and Sub Holding C&T. We are grateful to PIMD as Pertamina's extension in the international market which has succeeded in properly commercializing the Bungo Condensate so as to produce added value for Pertamina and also maintain production continuity from Griffitho Field and Donggi Matindok," he said.

Pertamina's Vice President of Corporate Communication Fadjar Djoko Santoso said, as a world-class energy company, Pertamina will continue to increase business expansion in the international market, including in the region.

"Pertamina will continue to develop business opportunities in the global market to realize Pertamina's aspirations to achieve world-class energy companies," said Fadjar.