PGN to speed up South Sumatra - West Java pipeline project
Tuesday, August 24 2004 - 01:32 AM WIB
President Megawati Soekarnoputri has asked the state-owned gas distribution company PT Perusahaan Gas Negara (PGN) to complete the South Sumatra-West Java pipeline project in January 2006 instead of June 2006, the Bisnis Indonesia newspaper reported in its Tuesday edition.
PGN president director W.M.P. Simandjuntak said the President?s request to speed up the project was because of its added value to the national economy.
?It is very clear that the project, which needs $485 million investment, will support the national economy,? Simandjuntak said after meeting with Megawati at the State Palace on Monday.
He said during the meeting that PGN is able to complete the project much earlier. The meeting was also attended by minister of energy and mineral resources and the head of the oil and gas sector?s upstream regulating body BP Migas.
At the same meeting, he mentioned that from the $485 million investment, $415 million will come from the Japan Bank for International Cooperation and the remaining amount will be from the PGN itself. (*)