Page 8 - AsianOil Week 50 2020
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AsianOil SOUTHEAST ASIA AsianOil
2021, while its Yani rig had started operations In addition to focusing solely on domes-
in the second quarter of 2020. Salvatina said tic projects, Sembiring said APEX would
the company had 25 years of experience in restrict investments to maintenance opera-
developing Mahakam and had drilled more tions. The executive noted the company did
than half the block’s 2,165 wells since 1982. not plan on expanding its fleet of rigs and
The Raniworo rig, meanwhile, will continue that its spending would instead go towards
operating at Pertamina’s Nunukan block, though maintaining and optimising its existing
its contract is set to expire in January. portfolio of assets.
Salvatina said that in addition to the upstream The company’s revenue in the third quarter of
work, APEX was participating in a geothermal 2020 shrank by 32.5% year on year to $46.66mn,
drilling tender run by Geo Dipa Energi. leading to a net loss of $14.2mn.
KIT, MPIC team up to buy
Philippine fuel import terminal
FINANCE & SINGAPORE’S Keppel Infrastructure Trust KIT said the Subic Bay Freeport Zone was not
INVESTMENT (KIT) and the Philippines’ Metro Pacific only easily accessible by major oil refiners in
Investments Corp. (MPIC) have teamed up to North and Southeast Asia, but also had deep
buy the Philippines’ largest oil product import draft levels to facilitate berthing of specialised
storage facility. vessels and was naturally sheltered from sea-
The two have agreed to pay Philippine Invest- sonal typhoons.
ment Alliance for Infrastructure $334mn for a Moreover, KIT said the economic zone
100% stake in Philippine Tank Storage Interna- was tax-friendly and well connected to the
tional (PTSI), which owns Philippine Coastal Luzon region’s major demand areas – with
Storage & Pipeline Corp. (PCSPC). Metro Manila, Central and North Luzon
PCSPC operates the facility, which consists accounting for more than 50% of the coun-
of three tank farms and one marine terminal, try’s oil product demand.
at the Subic Bay Freeport Zone. KIT said the The terminal itself accounts for approxi-
facility had more than 40 underground oil mately 36% of the Philippines’ total import ter-
product storage tanks as well as more than 40 minal capacity and, according to KIT, is 10 times
tanks above ground. the size of the next largest independent storage
Once the transaction is complete, expected terminal. KIT said assets included six berths and
in January, KIT will own 80% of PTSI, while 86 storage tanks, with an expected storage capac-
MPIC will hold the remaining 20%. However, ity of 6mn barrels.
KIT said it was in talks with MPIC over a pos- The Singaporean company said the country
sible call option that would allow The Philip- was on track to become the second-largest econ-
pine company to expand its stake to up to 50%. omy in Southeast Asia by 2024, providing long-
Explaining its motivation for the acquisition, term growth opportunities.
P8 www. NEWSBASE .com Week 50 17•December•2020
