Singapore Petroleum keen to buy gas pipeline stake: Report

Singapore national oil and gas firm Singapore Petroleum Co. is interested to acquire some stake in a natural gas pipeline from South Sumatra to Singapore, the Company?s chief executive Leon Codron is quoted by Dow Jones as saying Monday.

Singapore electricity company Singapore Power will import 150 million standard cubic feet per day (MMCFD) of gas beginning in mid-2003 through the gas pipeline, pumping up to 350 MMCFD by 2009, for a total volume of 2.27 trillion cubic feet over 20 years.

The natural gas will be supplied from the Corridor and South Jambi B production-sharing contract (PSC) areas, both operated by Gulf Indonesia Resources Limited, and from the Jabung PSC area operated by Devon Energy.

Indonesian state gas company PT Perusahaan Gas Negara (PGN) as gas transporter for Indonesian side is currently seeking for strategic partners to raise some money for the pipeline construction.

Earlier, PGN president Qoyum Tjandranegara said more than 10 companies had already expressed their interest to become PGN?s strategic partner.(*)