JAKARTA (TheInsiderStories) – Malaysian producer, Petronas Chemicals Group Berhad (PCG), collaborates with energy producer, PT AKR Corporindo Tbk (IDX: AKRA), to distribute chemical products in Indonesia. A joint venture company (JVC) will be formed by both companies for this purpose.
The issuer is an Indonesian logistics and supply chain company, engaged in the trading and distribution of petroleum and basic chemicals with extensive network of liquid bulk and dry bulk storage, transportation facilities, and port operations. While, both subsidiaries, Petronas Chemicals Marketing Sdn Bhd and PT AKR Niaga Indonesia has signed an agreement to formalize the new JVC.
“Our partnership with PCG marks a significant step in our expansion strategy and strengthens our position as one of the major petroleum and chemicals distributors in Indonesia,” said Haryanto Adikoesoemo, AKRA‘ president director and Group CEO, in official statement released on Tuesday (09/01).
He added, methanol will be the first product to be distributed to customers in Indonesia. Commenting on the partnership, Datuk Sazali Hamzah from PGC stated, South East Asia is an important market for his company. He asserted, “Beyond distributing methanol, we also aspire to extend the chemical range to include other chemical products in the future.”
Petronas Chemical is the leading integrated chemicals producer in Malaysia and one of the largest in South East Asia. With a total combined production capacity of 12.8 million metric tons per annum, it is involved primarily in manufacturing, marketing and selling a diversified range of chemical products, including olefins, polymers, fertilizers, methanol and other basic chemicals and derivative products.
Listed on Bursa Malaysia, PCG is established as part of the Petronas Group to maximise value from Malaysia’ natural gas resources. While, AKR Corporindo was formally established in Surabaya in 1977 and was listed on the Indonesian Stock Exchange in 1994.
The producer is Indonesia’ integrated supply chain solutions provider and largest private sector distributor of petroleum and basic chemicals. AKRA is one of the leading distributors of basic chemicals, serving various sectors of the Indonesian economy providing value added solutions for raw material needs of customers, with long standing relationships with international principals.
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