Adhi teams up with Hyundai to win Pertamina EPC contract
Tuesday, August 28 2012 - 01:39 AM WIB
State-owned construction firm PT Adhi Karya has teamed up with South Korea?s Hyundai Engineering & Construction Co. Ltd by forming a consortium in a bid to win a US$500 million EPC contract in Bengkalis, Riau, from state-owned oil and gas firm PT Pertamina, Investor Daily reported Tuesday.
In the consortium, Adhi holds a 30 percent stake, while Hyundai controls a 70 percent stake. ?We have submitted the proposal. There?s possibility for the tender result to be announced in the fourth quarter of this year,? said Adhi President Director Kiswodarman.
The Adhi Karya-Hyundai consortium will compete with PT Rekayasa Industri and PT Inti Karya Persada Teknik, each of which has also teamed up with strategic partners.(*)