Rukun Raharja to acquire interest at PSC block
Friday, December 24 2010 - 01:14 AM WIB
IDX-listed firm PT Rukun Raharja Tbk through its subsidiary PT Panji Raya Alamindo has signed an MoU to acquire participating interest in a PSC block in Indonesia.
The company disclosed on Thursday that the acquisition of the interest in the PSC would be completed by the end of 2011.
According to the company, the PSC, which name was undisclosed due to confidentiality reason, would start production in the fourth quarter of 2011.
The company also disclosed that it has decided to call off acquisition of PT Capital Turbines Indonesia (CTI), the operator of 2x22MW power plant in Bintan island, as CTI failed to get approval from lenders. (alex)