March 5, 2024 [Oiltanking]- Oiltanking announces the intended divestment of PT Oiltanking Karimun on Karimun Island, Indonesia, to Novus Middle East to be effective in the second quarter of 2024.
The divestment is anchored in Project Accelerate: transforming the Oiltanking business by creating a more diversified portfolio guided by two fundamental principles: to strengthen our focus
for the future and to accelerate growth (‘Oiltanking transforms to accelerate the energy transition’, November 01, 2021). Project Accelerate included a review of strategic options for our Remaining Assets and Investments to develop their respective value potential.
Bas Verkooijen, CEO of Oiltanking: “PT Oiltanking Karimun is one of our Remaining Assets and Investments. Throughout our assessment we took all perspectives into account and concluded that that it is best for our Indonesian business and employees as well as our shareholders to transition PT Oiltanking Karimun to a new owner.”
In the coming mandatory waiting period, the new owners will be onboarded to ensure the continued safe and reliable operation of the terminal, and that local employees are given sufficient support as they navigate the change of new ownership. Oiltanking is pleased to share the conditional requirement in the divestment agreement that local employees will have the same employment terms and conditions with this transition.
Bas Verkooijen, “I would like to take a moment to recognize our vendor partnerships as well as the local communities we have been part of in the past several years. We part ways having learned much from you. Particular appreciation and praise, however, goes to our local team of managers and operators on Karimun Island. I remain impressed by their continued high performance. Under the leadership of President Director Pak Yos Effendy, our customer focus grew even stronger.”
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