Polaris, BP Migas sign MOU on floating LNG, CNG plant projects

Polaris Investment NV, which is linked to Malaysian tycoon Ananda Krishnan, signed on Friday a memorandum of understanding with Indonesia?s oil and gas upstream authority BP Migas for the development of floating LNG and CNG plants in the Makassar Straits.

The signing took place on the sidelines of the Stakeholders Meeting between President Megawati Soekarnoputri and oil and gas corporate leaders at the Bogor palace.

Djoko Harsono, BP Migas?s head of gas marketing, said the MOU was valid for six months and Palaris would soon start ?study? for the project.

More details about the MOU was not immediately available.

Krishnan, through his companies Zodani NV and Zudavi NV, has two concessions in the Makassar Straits, that is Papalang PSC and Popodi PSC, which are now in exploration stage

Several other companies are also active in exploration and exploitation activities in the area, including American firm Unocal Corp. which has found a significant hydrocarbon reserves in the deepwater zone of the area. (Alex)