CORRECTION: PGN expects to bag $88 M annually from S. Sumatra- W. Java gas pipeline

Article ?PGN expects to bag $88 M annually from S. Sumatra-W. Java gas pipeline?, dated Tuesday, July 29, 2003, contains mistakes in terms of content. Below is the complete corrected story:

PGN expects to bag $88 M annually from S. Sumatra-S?pore gas pipeline

State gas transmission and distribution firm PT PGN estimates to collect US$88 million per year from the charge on the South Sumatra-Singapore gas pipeline, which is scheduled for inauguration by President Megawati Soekarnoputri Monday, company president director WMP Simandjuntak told Petromindo.Com Tuesday.

?We will be able to garner $88 million from the project per year,? Simandjuntak said.

The 470-kilometer pipeline will link ConocoPhillips? gas field in South Sumatra to Singapore through Kuala Tungkal in eastern coast of Sumatra, Batam Island and Kempin isle near the border with Singapore. The pipeline has capacity to transmit up to 600 million cubic feet per day of gas, Simandjuntak said.

The President will inaugurate the $100-million gas project in a ceremony in Batam in the presence of Singapore?s Prime Minister Goh Chock Tong and energy ministers from other ASEAN countries.

The inauguration of the pipeline marked the completion of the early stage of the $7billion Trans-ASEAN Gas Pipeline project. (godang)