Dozens of financiers offer funds for Cepu block

State oil and gas company Pertamina has received 25 proposals from various countries offering funds for the development of Cepu block.

The proposals came from such countries as China, Japan, Middle East and South Korea , Pertamina?s financial director Frederick Siahaan said on Friday.

?Pertamina will hold a beauty contest to select the proposal once the plan of development for the block is approved (by upstream oil and gas authority BP MIGAS),? he said.

Pertamina, which will develop the block in a partnership with American energy giant ExxonMobil, has estimated that it needs about US$500 million to develop the block.

?The final figures of funds needed for the project will be become clear after the plan of development is approved,? he said. (Godang)