CIBT secures exclusive right to develop coal terminal at Cigading port
Monday, July 16 2007 - 03:41 PM WIB
PT Cigading International Bulk Terminal (CIBT) has entered into a cooperation agreement with PT Krakatau Bandar Samudera (KBS) wherein CIBT is granted the exclusive right to develop coal terminal in the
KBS, a unit of state-owned steel maker PT Krakatau Steel, is the operator of
Metacorp Berhad said in a statement on Monday that CIBT will carry out the development, running and operation of coal terminal for the loading, stacking and discharging of coal in the port area for the purpose of international trade.
According to Metacorp, the cooperation agreement shall be valid for a period of 20 years as of the date when all conditions precedent as stipulated in the agreement are fulfilled and shall be automatically expended for a total period of 32 years as of the effective date, once it is approved by KBS general shareholder(s) meeting.
Metacorp said construction and preparation of the facilities for commercial operation will take two years or longer justifiable or reasonable delays if it occurs for a maximum period of one year.
Currently,