Pertagas to set up JV with SK E&S
Wednesday, October 24 2012 - 01:18 AM WIB
PT Pertamina Gas (Pertagas), a gas distribution subsidiary of state-owned oil and gas company Pertamina, plans to set up a joint venture with SK E&S, a South Korean firm, to develop gas pipeline network in East Java.
Pertagas has just completed a due diligence process on SK E&S, said company President Director Gunung Sardjono.
?A Pertagas team returned last week from SK E&S office in Korea. The result is that (we?ll) soon set up the joint venture company. Pertagas wants to become a majority in the JV, which hopefully can be set up by end of 2012,? Gunung told Petromindo.com Wednesday.
He added that the Pertagas management has submitted the JV plan proposal to the company?s shareholders and board of commissioners for approval.
Editing by Reiner Simanjuntak