Japan’s NYK said it had reached a basic agreement to invest in Pertamina International Shipping (PIS), a shipping unit of Indonesia’s state-owned energy firm Pertamina.
According to a statement by NYK issued on Wednesday, the two firms plan to complete the investment by the end of 2022.
NYK has been collaborating with PIS, particularly in ship management in the field of energy transportation.
“NYK was selected as a partner for investment in PIS because of the strong evaluation of NYK’s contribution to energy transportation in Indonesia over the years, with LNG (liquefied natural gas) transportation at the forefront,” it said.
Through this investment, NYK plans collaborate with PIS in a wide range of businesses, including those associated with crude oil, petroleum products, LNG transportation, floating storage and regasification units (FSRUs).
Also, the two firms intend to collaborate on carbon capture and storage (CCS).
NYK expects demand for CCS to grow in the future to realize a “carbon-neutral society”, it said.
Last year, NYK appointed the company’s first Indonesian chief engineer of one of its LNG carriers that provides transportation services for the BP-led Tangguh LNG project in Indonesia.
Besides this appointment, NYK also named the first Indonesian captain of one of its LNG carriers.