Bakrie secures loans for gas pipeline project
Monday, February 6 2006 - 03:22 AM WIB
PT Bakrie Pipe Industries (BPI) has secured loans worth Rp 130 billion from Bank Internasional Indonesia to finance the construction of its gas pipeline project in West Java, Kompas reported on Monday.
Yuanita Rohali, the financial director of the company, said in Jakarta Sunday that BPI and PT Kaya Steel Indonesia would jointly build the 272 kilometer pipeline project estimated to be worth about Rp 375 billion.
The pipeline project, owned by state owned gas distributor PT PGN, will be linked with the South Sumatra-West Java gas pipeline network which is now under development, she said. He hoped that project would further improve the company?s financial performance.
PT Bakrie, part of the Bakrie Group, is estimated to book total revenues of about Rp 2.7 trillion this year, an increase of about 120 percent from Rp 1.2 trillion in 2004. (*)