Nippon Yusen to Invest in Pertamina's Shipping Unit
Japan's Nippon Yusen said on Wednesday it will invest in Pertamina International Shipping (PIS), a unit of Indonesia's state energy firm Pertamina, without disclosing terms of the deal. ,
The move by Japan's biggest shipping company is aimed at expanding business in Indonesia, where energy and energy transportation demand are expected to increase in tandem with the country's economic growth, a spokesperson for Nippon Yusen said.
Nippon Yusen plans to complete the deal by the end of 2022.
It also plans to sign a long-term strategic partnership agreement with PIS and collaborate in various businesses, including transportation of crude oil, petroleum products and LNG, floating storage and regasification units (FSRUs), as well as carbon capture and storage (CCS).
(Reuters - Reporting by Yuka Obayashi; Editing by Simon Cameron-Moore)