EWC completes purchase of S. Sulawesi gas, power assets
Tuesday, October 24 2006 - 10:58 AM WIB
Australian firm Energy World Corporation (EWC) announced Tuesday that it had completed deal to acquire South Sulawesi Sengkang gas and power plant from US firm El Paso Corp. for US$ 61.2 million.
Under the deal, EWC bought 50 percent shares in Energy Equity Epic (Sengkang) Pty. which has 100 percent interest in Sengkang gas block and 47.5 percent interest in PT.Energi Sengkang, the owner of 138-MW Sengkang power plant.
After the acquisition, EWC has 100 percent shares of Energy Equity Epic (Sengkang) Pty. And 95 percent shares in PT.Energi Sengkang. Loan for the acquisition was provided by Standard Chartered Bank.
EWC is planning to set up mini LNG plant in Sengkang gas block with capacity of 0.5MTPA and expansion to increase Sengkang power plant capacity by 60-65MW is scheduled to be commissioned in 2008. (alex)