Citra Tubindo to offer oil rig maintenance and services
Tuesday, November 28 2006 - 02:40 AM WIB
JSX-listed PT Citra Tubindo Tbk, an oilfield tubular goods manufacturer based in Batam, will expand its business by offering oil rig maintenance and services in cooperation with Singapore-based KS Energy Pte Ltd, Investor Daily reported Tuesday.
The company's director Herman Hermanto said in Batam Monday that Citra Tubindo would provide at least US$10 million in fresh funds to establish a joint venture with the Singaporean company which was expected to begin operation next year.
"The rig maintenance and service business is quite promising now thanks to the increase in the oil rig operation in the country," he was quoted as saying.
He said that Citra Tubindo would hold about 25 percent stake in the joint venture, with the Singaporean company owned the remaining. (*)