PT Pertamina has returned to the Singapore bunker market four years after its former office was shuttered following allegations of corruption.
The new trading and marketing unit is called Pertamina International Marketing and Distribution Pte Ltd (PIMD), and is headed by Agus Witjaksono.
The state-owned oil and gas company is looking to capitalize on the upcoming "IMO2020" global 0.50% sulfur cap on marine fuel from production of low sulfur fuel and has been looking for partners to produce finished VLSFO bunker, according to a report by Reuters.
Witjaksono was quoted as saying.
"We have an advantage because of IMO 2020. Pertamina has low-sulphur fuel oil and blending components so we can enter into partnerships with oil blenders."
"There's a change in our strategy as we no longer want to just sell blending components."
The PIMD unit has set a target of taking 5% of Singapore's annual 50 million mt sales volume.
The Singapore-based firm also plans to sell bunker fuel in Philippines, Thailand, and Myanmar.