Foreign investors seeks to partner with provinces to develop Cepu

Several investors have expressed interests to support the provincial administrations of Central and East Java in investing in Cepu oil and gas block, the Bisnis Indonesia newspaper reported in its Wednesday edition.

Given the locations of the block in their areas, both provinces have the right to get some stake in the block. The block will be developed by American company ExxonMobil and state owned firm PT Pertamina, which have a 45 percent stake in the block respectively. East Java gets 6.73 percent, while Central Java 3.27 percent.

?There are several investors like PT Pandawa Mandiri Abadi, one investor from Singapore and other investors from different countries,? Central Java Governor Mardiyanto said in Semarang on Tuesday.

Central Java has established the PT Sarana Pembangunan Jawa Tengah (PT SPJ) to manage its stake in the block.

?Anybody who wants to submit their offer, please go ahead. We don?t have any problem. Because there is already a standard procedure to select the province?s partner,? he said. (*)