Air BP and AKR sign joint venture agreement in Indonesia

Air BP, the international aviation fuel products and services supplier, and AKR, an Indonesian distributor of chemicals, petroleum, logistics and supply chain solutions, have signed a joint venture agreement. The joint venture company, PT Dirgantara PetroIndo Raya, will operate under the name of Air BP-AKR Aviation with the remit to develop an aviation fuel business in Indonesia. Indonesia is one of the world’s fastest growing aviation markets where domestic travel is projected to grow by an average of 15% per year, reaching 180 million passengers in 2021. The market is being driven by the strong economy with a growing middle class, an archipelago geography and increased tourism. Indonesia is now the world’s fifth largest domestic market, behind only the US, China, Japan and Brazil. Air BP and AKR see huge potential within the Indonesian aviation fuel sector. The joint venture intends to support the development of Indonesia’s aviation industry and contribute to the growth of its economy by investing in infrastructure, applying the latest innovative technology and operational best practices for the supply of aviation fuel.