JAKARTA. PT Indika Energy Tbk (INDY) has officially joined the Patimban Port Consortium through its subsidiary PT Indika Logistic & Support Service (ILSS).
According to INDY Corporate Secretary Adi Pramono, the consortium has received a mandate from the Ministry of Transportation to exercise the public-private partnership project. "One of the members of the Patimban Consortium is ILSS, a subsidiary of the company," he said in a stock exchange filing.
The concession period given to the consortium is 40 years effective from the date of the first operation. In addition to ILSS, the consortium consists of three other companies, namely PT CT Corp Infrastruktur Indonesia, PT U Connectivity Services, and PT Terminal Petikemas Surabaya.
INDY said ILSS's involvement in the consortium will support its performance as well as INDY's in the future. "This is part of the company's diversification strategy," Mr Pramono said. (KR/MS)