Pertamina looks to expand

(Jan 22 2010) PT Berlian Laju Tanker (BLT) has won a charter contract worth up to $90 mill from state-owned Indonesian oil and gas company, PT Pertamina.

Under the terms of the contract, BLT will provide a VLGC to PT Pertamina for a period of up to seven years.

To service the contract, BLT will purchase the 'Commander N', a VLGC built by Japan's NKK Corporation.

In a filing to the Singapore Stock Exchange, BLT declined to say how much it is paying for the vessel.

According to local reports, Pertamina plans to buy up to 12 tankers valued at $333 mill this year.
The tanker order is expected to be finalised between 2012 and 2013, Suhartoko, Pertamina's senior vice president of shipping reportedly said last weekend to local newspapers.
He said that four of the 12 vessels have already been through the tender process. “These four vessels alone will require a total investment of $128 mill,” he said.
The four vessels will be LPG carriers, two with a capacity of 3,500 cu m and two with a capacity of 23,000 cu m.

Suhartoko said Pertamina was still awaiting shareholder approval for the procurement of eight other tankers, including three of 3,500 dwt each; one of 6,500 dwt; two of 17,500 dwt each; an LPG tanker with a capacity of 3,500 cu m and a Very Large Gas Carrier (VLGC) with a capacity of about 45.000 dwt.

He added that Pertamina would buy the smaller capacity tankers from domestic companies, but for the big one, Pertamina would go overseas.
Suhartoko said Pertamina was currently operating 170 tankers and expect to acquire 47 more by 2014.

Source: Tanker Operator