Setdco eyes part of BP?s stake in Tangguh project
Wednesday, July 18 2001 - 02:19 AM WIB
Setiawan Djody, the chairman of Setdco, said in Jakarta on Wednesday that owning part of the Tangguh gas fields, and the gas liquefaction plant which will be developed by BP in the province was one of an important strategy to support his company?s plant to develop the aromatic and oil refinery complex.
?I know the Tangguh gas fields contain massive amount of gas deposits, and I have the interest to take over part of (BP?s) stake,? he was quoted as saying by the daily.
According to Djody, his company has signed an agreement with a major Asian company to jointly develop an aromatic and oil refinery complex in East Java. He said that investment for the project would reach about US$5 billion.
He, however, refused to unveil the name of his partner. He also dismissed the possibility of taking over the aromatic project being developed by PT Trans Pacific Petrochemical in Tuban, East Java.
Earlier reports said that BP Plc has offered China National Overseas Oil Company to buy part of its ownership in the Tangguh project, if the Chinese company buys LNG from the LNG plant to be developed as part of the massive gas development project.
The Tangguh gas project will cover three major gas fields including Wiriagar, Berau and Muturi gas blocks.
The Wiriagar gas is jointly owned by BP Plc with 80 percent interest and Japan?s Kanematsu with 20 percent. The Berau block is jointly owned by BP Plc, Kanemtsu, Nippon Oil and Occidental Petroleum. (Occidental?s stake has been taken over by Mitsubishi Corp.).
The third gas block, Muturi, is developed by BP Plc in cooperation with British Gas and Malaysia?s Genting Sendirian Berhard. (*)