AKR Corporindo, Owned By Soegiarto Adikoesoemo Conglomerate, Creates A Joint Venture Company In The Natural Gas Distribution Sector

Illustration. (Photo: Doc. AKR Corporindo)

JAKARTA - PT AKR Corporindo Tbk (AKRA) and PT Bayu Buana Gemilang (BBG) signed an agreement to establish a joint venture company for natural gas distribution activities to the SEZ area of JIIPE Gresik and its surroundings. The agreement was signed on Wednesday 4 August 2021.

AKRA and BBG also signed the deed of establishment of a limited liability company named PT Berkah Buana Energi (BBE) on the same day.

AKRA's President Director, Haryanto Adikoesoemo said, AKRA and BBG will work together to distribute energy that can be reached by industry players. The BBE itself, said Haryanto, is part of AKRA's growth strategy to add cleaner fuels and renewable energy to the company's product portfolio.

"AKR has become a major distributor of fuel products and basic chemicals for industrial customers, and we are very pleased to be partnering with BBG to develop our product portfolio", said Mr. Haryanto in a written statement, quoted on Friday 6 August.

AKR Corporindo is a company engaged in trading and distribution of fuel oil and basic chemicals, providing logistics services, as well as managing industrial estates and ports.

The company owned by the conglomerate Soegiarto Adikoesoemo is also developing JIIPE, which has now been designated as a Special Economic Zone by the Indonesian president. Meanwhile, BBG is a private company engaged in trading and distribution of natural gas.

In BBE's share ownership structure, AKRA will control 65 percent ownership, while BBG will hold 35 percent. Haryanto said that the BBE will carry out the construction, management, and development of the gas distribution network through the pipeline from the location of the gas source to the customer.

"The initial activities of the JV company will be focused on developing business in the JIIPE SEZ, Gresik, East Java to serve the demand for JIIPE industrial tenants", explained Soegiarto Adikoesoemo's son.