Bumi Resources invites foreign participation for Sambidoyong block

Publicly-listed PT Bumi Resources Tbk. has signed a master agreement with Korea National Corporation Sambidoyong, Limited (KSL) to participate in the Sambidoyong, West Java, technical assistance contract interest.

Bumi Resources president Jay Abdullah explained that the master agreement was signed on Nov. 6. 2000. Based on the agreement, the company would participate in the farm in financing of up to 40 percent of the working interests in the Sambidoyong block.

Jay said that the company planned to issue bonds to raise funds to help finance the project.

Jay added that the company would seek the approval from its shareholders through an extraordinary shareholders meeting slated in December 2000. (*)