SPC and Pertamina Strengthen Ties
The Board of Directors of Singapore Petroleum Company Limited ("SPC" and the "Company") said that the Company on Friday signed a Memorandum of Understanding ("MOU") with PT Pertamina (PERSERO) ("PERTAMINA").
Building on the excellent long-standing relationship between SPC and Pertamina, the MOU aims to further strengthen the cooperation between the two companies in oil and gas exploration, development and production projects, both in Indonesia and internationally. The MOU also provides a platform for information sharing and exchanges between SPC and Pertamina.
The MOU signing ceremony in Jakarta, Indonesia, was witnessed by Mr Lim Hng Kiang, Minister of Trade and Industry for Singapore; Mr Purnomo Yusgiantoro, Minister of Energy and Mineral Resources for Indonesia and Mr Sugiharto, Minister for State-Owned Enterprises, Indonesia.
"This MOU underscores SPC's strategy of building regional alliances and cooperation with the aim of creating sustainable growth and development across the oil and gas value chain," said Mr Koh Ban Heng, Chief Executive Officer of SPC.
FINANCIAL IMPACT The Group does not expect the above to have any material impact on the earnings per share and the net tangible asset per share of the SPC group of companies for the current financial year.
BACKGROUND SPC is a regional oil and gas company with interest in oil and gas exploration and production, refining, terminalling and distribution, marketing and trading of crude and refined petroleum products. It is an associated company of Keppel Oil & Gas Services Pte Ltd, a wholly-owned subsidiary of Keppel Corporation Limited.
Pertamina is the national oil company of Indonesia and has significant presence in both the exploration and production and downstream sectors.
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Company: Singapore Petroleum Company more info
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