Pertamina seeks partners to operate FSRU

State owned oil and gas company Pertamina is seeking business partners to jointly operate floating storage and regasification unit (FSRU) which will be built in Central Java, Bisnis Indonesia reported on Tuesday.

Pertamina?s director for gas, Han Karyuliarto, said in Jakarta on Monday that the state oil and gas company was ready to divest up to 40 percent of its shares in the FSRU to companies interested to jointly operate the Central Java?s FSRU.

?Now, we hold 100 percent stake,? he said, adding the company could transfer up to 40 percent of its ownership to companies interested to become its partners in the FSRU project.

Han estimates total investment for the FSRU would reach $400 million excluding the working capital. He said that the company would modify a LNG cargo ship into FSRU to provide gas supply in Central Java.

According to him, it would take between 19 and 22 months to modify a LNG cargo ship into a FSRU. ?We are now in the process of the auction of the pre front end engineering. The winner has been selected, but the announcement will be made after the final investment decision,? he added. (*)