Pertamina to split lubricant and shipping units

Indonesia’s state-owned energy company PT Pertamina said it plans to split its shipping and lubricant business units to improve corporate governance and revenue.
The separated companies are expected to focus more on exploiting their related business opportunities and provide greater contribution to Pertamina’s push to become a world-class energy company by 2023, the Jakarta Globe quoted Ali Mundakir, Pertamina’s vice president for corporate communications, as saying.
The two units, namely Pertamina Lubricants and Pertamina Shipping, are part of Pertamina’s long-term strategy, said Ali.
Pertamina expects that with the revamping process, Pertamina Lubricant would become one of the top 20 global lubricant companies by 2015.
Pertamina sells its lubricant products to 22 nations worldwide, with export volumes reaching 110,000 kiloliters in the January-June period. The company has set its volume target at 180,000 kilolters for this year.