Pertamina Lubricants and Bank Rakyat Indonesia signed a cooperation agreement recently intended to provide financing to Pertamina distributors so that they can increase sales and operate more efficiently.
The Pertamina subsidiary, which signed the agreement April 24 in Jakarta, said it is part of its commitment to continue building synergy with state-owned enterprises - referred to as Badan Usaha Milik Negara, or BUMNs, in Indonesia.
Pertamina Lubricants President Director Ageng Giriyono said in a news release that the collaboration was part of the companys strategy to increase sales and improve business performance. This collaboration is mutual for us, for lubricant distributors and BRI to increase sales of lubricants as well as extension of banking facilities, Ageng said in the news release.
He explained that distributors make a huge contribution to the company achieving its targets, but that financing solutions and facilities could help improve their performance. Hopefully, this synergy will bring positive benefits to all parties, he added.
Pertamina Lubricants products include automotive lubricants for cars and motorcycles, industrial and marine oils, greases and specialty products such as brake fluids and tractor oils.
BRI is a state-owned bank that was first established in 1895 and is one of the largest banks in Indonesia. It prioritizes services for micro-, small and medium-sized businesses.