IEV signs MOU on gas with Investa
Saturday, October 25 2014 - 05:46 AM WIB
SGX-listed IEV Holdings Limited announced that the company, through its subsidiary PT IEV Gas (IEV Gas), signed a memorandum of understanding (MOU) with PT Investasi Aceh (Investa) to collaborate on the commercialization of natural gas from identified natural gas sources in Aceh, the northernmost province of Indonesia, on 16 October 2014.
Based on the MOU, both companies will initiate a feasibility study covering the commercialization of natural gas in Aceh Province from the Gas Sources, including but not limited to the identification and assessment of the necessary technological, infrastructure and regulatory requirements.
The costs of the feasibility study will be fully funded by IEV Gas, through the Group?s internal resources. Subject to the results of the feasibility study, both companies shall work towards a joint venture agreement setting out, inter alia, specific terms of collaboration and financing obligations.
The MOU is valid for a period of six (6) months and may be extended upon the mutual agreement of both companies, depending on the results of the feasiibility study.
The MOU is not expected to have any material impact on the consolidated earnings per share and/or net tangible assets per share of the Group for the financial year ending 31 December 2014.The company will provide updates on material developments relating to the MOU as they occur.
Editing by Benget Besalicto ST