Singapore firm bags coal deal from Bukit Baiduri
Wednesday, February 2 2005 - 05:00 PM WIB
Singapore firm SP Corporation on Tuesday said its subsidiaries have clinched three deals worth more than S$275.6 million with East Kalimantan coal mining company PT Bukit Baiduri Energi (BBE).
Under the agreements, SP's wholly-owned subsidiary SP Resources International was appointed the exclusive agent to market all of BBE's coal, whose sales for a period of two years beginning January 2005 is estimated to be $196 million.
SP Mining and Engineering (SPME), an indirect wholly-owned unit, will provide management and consultancy services for $5.6 million for two years starting from January 2005.
SPME was also awarded a $74 million contract by BBE for a period of three years, starting April 2005, to remove overburden as well as extract and transport coal.
SP is controlled by Singapore Stock Exchange-listed Tuan Sing Holdings.
Tuan Sing, in turn, is controlled by Indonesia's Liem family through their investment vehicle Nuri Holdings. (*)