Pertamina's Pulau Sambu Fuel Terminal, located on an island between Batam and Singapore, is preparing to receive its first international Low Sulphur Fuel Oil ("LSFO") cargo from Freepoint Commodities ("Freepoint") in December. Further to the Heads of Agreement for the Cooperation and Utilization of Pertamina's Pulau Sambu Fuel Terminal signed between the two companies in Jakarta last year, the first international LSFO cargo into Sambu forms part of Pertamina's efforts to optimize company assets and establish a trading Hub in Indonesia.
Pertamina's Pulau Sambu Fuel Terminal has 320,000 KL of storage capacity and is strategically located in the Malacca Strait to participate synergistically in one of the busiest trading and shipping economies in the World. Freepoint has been supporting Pertamina's efforts in upgrading and refurbishing Pulau Sambu's fuel oil tanks to ensure international standards are met in all aspects since late last year. The on-track handover of the first batch of tanks for operational use before the year-end is a testament of a successful collaboration by the two companies. Pulau Sambu Fuel Terminal is expected to ramp-up to optimal LSFO utilization in 2021, with trading operations supported by Freepoint and by Pertamina's International Marketing & Distribution ("PIMD") to provide environmentally friendly, low emission fuel supply to the international and regional shipping industries.
Mulyono, Pertamina's Logistics & Infrastructure Director remarked, "The utilization of Pertamina's Fuel Terminal in Pulau Sambu with Freepoint is pivotal to ensure our Fuel Terminals fulfill all international standards and reinforce Pertamina's ambition to further expand its footprint in the global energy market."
Ouyang Xiuzhang, Freepoint's CEO of Asia remarked, "We are only at the beginning stages on what is strategically possible as we work together with Pertamina to support their expansion into the international LSFO markets."
Upgrading of the tanks continues through early 2021 as the terminal prepares for full integration into the international trading network by being a reliable LSFO supply point for the Singapore Straits shipping market.
About Freepoint Commodities:
Freepoint is a merchant of physical commodities and a financer of commodity-related assets. Freepoint also provides physical supply services and related structured solutions for counterparties. Founded in 2011, Freepoint is based in Stamford, CT and has 10 offices worldwide.
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