Pertamina, PTT to commence joint PE sales into Indonesia in July

16 June 2014 10:40 Source:ICIS News

SINGAPORE (ICIS)--Pertamina and PTT Global Chemical (PTTGC) will start jointly offering polyethylene (PE) cargoes to the Indonesian market on 1 July, a Pertamina source said on Monday.

Over the past two-and-a-half years, state-owned Indonesian energy firm Pertamina has been offering Thai firm PTT’s PE grades into Indonesia, the source said.

“Under the joint venture agreement (JVA), all PE grades from PTT will now be distributed by the joint venture,” he said.

Pertamina has halted its PE offers to the spot market since last week amid the transition towards the JV company, which is registered as PT Indo Thai Trading.

Pertamina and PTTGC have set up the marketing and trading joint venture company ahead of the construction of their joint petrochemical complex in the country that is targeted to start up in 2018.

By Arianne Perez