Citra Tubindo and Sembawang to set up joint venture company
Saturday, December 23 2000 - 04:00 AM WIB
PT Citra Tubindo Tbk and Sembawang Corporation of Singapore will set up a joint venture next year to provide logistic services in the country's oil and gas related activities, Suara Karya reported on Saturday.
Suyitno Patmo, a director of the Indonesian company, said that the joint venture which would be called Citra Senlog would in the initial stage provide logistic services for oil and gas related activities in Natuna.
"The joint venture will invest some US$10 million. Sembawang will have 70 percent stake in the joint venture while Citra will own the other 30 percent," he said.
Suyitno said that he hoped the joint venture would start to give positive contribution to Cutra Tubindo's income in no later than 2002.
During the first nine months of this year, the company's total revenues dropped by 25 percent 14.02 million from the level recorded in the same period, last year. The net profit during the Jan-Sept period dropped sharply to $718,000 from $about 2.6 million in the same period, last year. (*)