PGN starts tender of South Sumatra-Singapore gas pipeline construction works
Thursday, January 17 2002 - 02:50 AM WIB
The state-owned distribution gas company PGN said on Wednesday that it had opened tender for the construction of gas pipeline linking South Sumatra and Singapore.
PGN president WMP Simandjuntak said that the construction of the US$470 million pipeline would start in June this year.
PGN is expected to be able to complete the pipeline construction by August 2003, when the first delivery of the 350 MMCFD of gas to Singapore Power would commence.
PGN is offering between 25-40 percent shares in its unit, Transco 1, which will develop the pipeline. The sale is expected to raise US$250 million for the construction of the pipeline.
Unocal Corp., Korea Gas Corp., a consortia led by Malaysia's Petroliam Nasional Bhd. ( Petronas), and Singapore's PowerGas Ltd. are the bidders competing for the PGN stake.(Arry)