RELEASE: Unocal unit completes transfer of Sarulla geothermal project to Indonesia?s PLN
Saturday, February 28 2004 - 12:05 AM WIB
El Segundo, Calif., Feb. 27, 2004 ? Unocal Corporation today said that its Unocal North Sumatra Geothermal, Ltd., subsidiary (UNSG) has received US$60 million from PLN, the Indonesia state electricity company, for the transfer of Unocal?s rights and interests in the Sarulla geothermal project.
Under the terms of the transfer, PLN acquired UNSG?s interest in the Joint Operation Contract (JOC) with Pertamina and the Energy Sales Contract (ESC) with PLN.
Unocal expects to record a special item gain from the transfer in its first quarter 2004 results. (end of release)
Source: Unocal Corporation