Pertamina completes due diligence on Singapore Refinery Company
Thursday, January 3 2002 - 04:05 AM WIB
State oil and gas firm Pertamina said Thursday it had completed due diligence on Singapore Refinery Company (SRC).
BP Plc is offering to sell its one-third stake at the 285,000-barrel-per-day refinery to Pertamina. Singapore Petroleum Company and US oil firm Caltex each hold one-third stake in SRC.
?Based on the due diligence result, Pertamina would make its offer to BP sometime in mid-January,? Baihaki Hakim, Pertamina?s president told reporters on a sideline of a ceremony here.
Earlier, Pertamina?s downstream director Muchsin Bahar said that currently, purchasing stake in overseas refinery was not high on Pertamina?s list, and therefore if the price was not ?healthily discounted?, Pertamina would not buy stake at SRC. (alex/godang)