BP Migas awards Bontang condensate contract to KIPCO
Friday, October 17 2003 - 02:19 AM WIB
Upstream oil and gas authority BP Migas said it had awarded contract to sell 270,000 barrels of Bontang condensate for October-December offtake to Korea-Indonesia Petroleum Company (KIPCO), a joint venture of state oil and gas company Pertamina and South Korean conglomerate Ssangyong Corp.
BP Migas deputy chairman Eddy Poerwanto said KIPCO was chosen out of more than ten bidders for offering best terms and conditions.
The condensate is government?s share under production sharing contract scheme.
Earlier, BP Migas had also awarded 300,000 barrels of Arun condensate to unit of South Korean conglomerate LG. (godang)