PT PGN Tbk Achieves Milestone in Global Expansion: Successful LNG Trading with China
Dear investors,
We are pleased to share with you that a major achievement by Pertamina's Subholding Gas, PT PGN Tbk, in its efforts to expand globally through successful participation in international LNG trading with China. The first shipment of LNG cargo, which was completed on February 9, 2024, consisted of 7 cargoes with a total of 64 BBTUD. This marks a significant milestone in the company's international business ventures.
PT PGN Tbk is making a strategic move that supports its goal of expanding its business globally. This move includes developing a strong portfolio of energy sales on an international level. The company has been exploring the international liquefied natural gas (LNG) market, with a particular focus on China, since 2020-2021. This effort has led to a comprehensive joint agreement for this year's LNG deliveries.
As part of its journey, PT PGN Tbk has been proactively communicating with potential LNG suppliers and buyers. By leveraging market intelligence, the company has been able to position itself effectively in the global and regional LNG markets. This collaboration is a significant milestone for the global LNG business and helps to enhance PT PGN Tbk's visibility and presence among key players in the LNG landscape.
The company remains dedicated to prudent business calculations and good corporate governance (GCG), ensuring positive economic impacts for both the corporation and the nation. Simultaneously, PT PGN Tbk maintains a strategic focus on natural gas to meet domestic energy demands, contributing to economic and energy resilience.
The decision to expand into the international LNG industry is based on the increasing global demand for LNG, particularly in countries such as China. The potential in the global market is highlighted by LNG's inherent advantages over pipeline gas, including its ability to transport over long distances, distribute quickly, and trade actively in open markets.
PT PGN Tbk is using its expertise in LNG portfolios to establish itself as a significant international LNG player. The company has achieved a significant global LNG sales milestone, which is part of its comprehensive long-term business growth plan. Going forward, the company is committed to increasing international LNG trade volume through ongoing initiatives. These include exploring additional LNG business diversification avenues, such as Gasing Up and Cooling Down, revitalizing and constructing new LNG storage tanks, and undertaking LNG bunkering projects independently and through its subsidiaries.
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Pertamina Investor Relations