According to the company’s website news release on March 14, 2023, PT Pertamina International Shipping (PIS) agreed to cooperate with Mizuho Bank, Ltd regarding assistance in obtaining a credit rating and ESG rating for funding in developing company investments.
The agreement between PIS and Mizuho Bank, Ltd was signed at the Asia Zero Emission Community (AZEC) event at Hotel New Otani, Japan, on March 3, 2023. AZEC is a forum for public-private investment meetings organized by the Ministry of Economics, Trade, and Industry Japan (METI).
Attending the cooperation moment were President Director of PT Pertamina (Persero), Nicke Widyawati, Director of Business Development of PIS, Wisnu Medan Santoso, Global Managing Director of Mizuho Bank, and Japanese Minister of Economy, Trade and Industry (METI), Yasutoshi Nishimura, as well as Minister of Energy and Mineral Resources, Arifin Tasrif.
"Mizuho will assist PIS with decarbonization initiatives through ESG assistance or advisory aims to expand sustainable funding sources, which will contribute to the Pertamina Group decarbonization program as well as the national economy," said The Director of Business Development of PIS, Wisnu Medan Santoso.
PIS appointed Bank Mizuho as an advisor for the company's credit rating and ESG on January 10, 2023. The ongoing mentoring process is to achieve the target credit rating from international rating agencies such as Fitch and Moody's, as well as the ESG rating from rating agency Sustainalytics which is expected to be completed this year.
As a Sub Holding Integrated Marine Logistics (SH IML) of the Pertamina Group, PIS commits to decarbonizing its business while continuously demonstrating an increase in the corporate governance and transparency level of business processes reflected in the company's credit rating. Strengthening ESG is also carrying out various efforts through the mentoring process to obtain sustainable funds sources.
