Ramba fails to get gas price increase
Wednesday, August 18 2010 - 03:44 AM WIB
Singapore Exchange-listed firm Ramba Energy Limited reported on Friday that Ellipse Energy Limited (EEL) has failed to secure price increase for gas supplied from Jatirarangon TAC near Jakarta to state gas distribution firm PT PGN Persero.
The Company reported earlier that EEL would be entitled a bonus payment of US$4million it could broker negotiation that would led to increase of gas price from US$2.55 per MMBTU currently to $4.25 per MMBTU before 15 August 2010.
EEL is previous operator Jatirarangon TAC before being taken over by Ramba Energy in March 2010.
Ramba said it would independently pursue the negotiation for the increase in the gas price.
The Jatirarangon TAC supplies 4MMCFD of gas to PGN. (denny)