S. Korean firms put on hold E. Kalimantan coal railway project
Tuesday, November 25 2008 - 01:24 AM WIB
Two South Korean Companies Posco Inc. Ltd. And Canatect Co. Ltd. have decided to put on hold plan to invest US$1 billion to develop coal railway track in East Kalimantan.
Makbul Sumadilaga, a consultant who claimed to represent the companies was quoted by Kompas daily as saying that the decision to put the project on hold was due global financial crises.
The two companies signed an MoU to build the railway link with the government of Indonesia in June 2007.(*)