Coastal Contracts fails to acquire stake in JSK Gas
Wednesday, November 2 2016 - 12:22 AM WIB
Malaysian firm Coastal Contracts Bhd (Coastal Group) announced on Monday that a MoU signed on July 30 with PT Jaya Samudra Karunia Internasional for the acquisition of 49 percent equity interest in PT Jaya Samudra Karunia Gas (JSK Gas) expired on October 28.
As such, the planned acquisition of JSK Gas fails to materialize. ?The proposed joint venture is not consummated,? the company said in a statement, but did not provide further details.
JSK Gas has a core business in gas transportation sector in Indonesia. Given the huge potential in Indonesia LNG market, JSK has ventured into the LNG supply chain. Recently, it was awarded the LNG Regasification and LNG Storage contracts to support a 200 MWh gas-fired power plant in Bali, Indonesia by Indonesian state-owned company.
The acquisition of JSK Gas was supposed to enable Coastal to establish its presence in the LNG supply chain and to develop expertise in the FSRU solution.
Editing by Reiner Simanjuntak