EMP, PLN finalizing long-term E. Java gas contract

Publicly listed oil and gas firm PT Energi Mega Persada (EMP) said its subsidiary EMP Kangean Ltd, the operator of Kangean block in East Java, was currently finalizing a gas sales agreement with state-owned electricity firm PT PLN of East Java for gas supply for 14 years starting 2007.

EMP Kangean would supply a total of 389 trillion British thermal units (TBTU) of natural gas at a delivered price of US$2.60 per MMBTU, EMP said in a notice to the Jakarta Stock Exchange recently.

EMP Kangean and PLN of East Java signed the Heads of Agreement (HoA) on this matter in July. (Robert)