PT Petrosea Tbk (PTRO) signed a contractor and vendor management term sheet with PT Bumi Barito Mineral (BBM) on July 30, 2024.

Anto Broto, Corporate Secretary of PTRO, stated in a written statement on Thursday, August 1, that based on the term sheet, Petrosea will provide support to ensure smooth and sustainable production processes. This support includes monitoring, reviewing, and providing recommendations on the implementation of mining contractor services, blasting services, and fuel vendor services.

Furthermore, Anto explained that under the term sheet, PTRO will also assist in the search and selection of fuel and blasting vendors for a duration of one year, ensuring compliance with applicable laws and regulations.

For your information, BBM is a subsidiary of Cokal LTD (CKA), a public company listed on the Australian Stock Exchange with a focus on coking/metallurgical coal. BBM holds a Mining Operation Production Permit (IUP OP) for metallurgical coal located in Central Kapuas District, Kapuas Regency, Central Kalimantan Province.

Anto added that this agreement positively impacts PTRO's operational activities, legal standing, financial condition, and business continuity.