Bumi Resources to tie up with Kondur Petroleum
Monday, July 10 2000 - 04:45 AM WIB
Bumi Resources will likely forge alliance with several local oil companies such as Kondur Petroleum as part its planned massive expansion in the country's oil exploration activities, sources said.
The sources told Bisnis Indonesia that Bumi Resources, formerly known as Bumi Modern, was currently negotiating the partnership plans with the local companies, particularly with Kondo, which is also controlled by the Bakrie family.
Lalu Mara Satriawan, the corporate communication manager of the Bakrie Group, however, refused to comment about the partnership plan. But he said that the company was still studying the possibility of such business alliance.
Bumi Resources, formerly known only a small property developer, took its new name after it successfully took over a massive oil concession in Yemen recently. The company said last week it had allocated US$16 million in cash to start exploration at the newly acquired oil blocks in Yemen.
Bumi Resources, a part of the Bakrie Group, recently issued rights shares worth Rp 9.3 trillion to take over Gallo Oil (Jersey) Ltd, which has massive oil interests in Yemen. (*)