Singapore's L&M to tap oil-related business in Aceh
Wednesday, April 3 2002 - 02:36 PM WIB
Singapore construction firm L&M Group Investments Ltd said on Wednesday it would develop oil and gas related businesses in Nanggroe Aceh Darussalam, Indonesia, in a joint venture with a local government.
The Indonesian-linked firm said in a statement the joint venture, PT Petroleum Nanggroe Aceh Darussalam (Petronad), would involve distribution, processing and engineering services relating to the oil and gas industry in Aceh.
Other interests include the development of a free trade port of Sabang, Aceh as a refueling, refinery and distribution hub.
L&M did not provide financial details of the venture.
Nanggroe Aceh Darussalam is the new name for the province of Aceh in Indonesia after it has became a special autonomous province according to an Indonesian law passed in 2001. (*)