Siwani Trimitra to continue fuel piping and depot projects
Saturday, February 10 2001 - 04:30 AM WIB
PT Siwani Trimitra has teamed up with PT Logistindo Jasa Indonusa and PT Pandanwangi Sekartaji to continue the development of fuel piping and depot projects in a number of areas in Indonesia.
Siwani Trimitra director Gani Bustan said in its report to the management of the Jakarta Stock Exchange that the company signed a joint venture agreement with Logistindo and Pandanwangi on Feb. 8, 2001.
Gani said his company last year took over the rights to develop a number of fuel piping and depot projects from its foreign partner L&M Group Investment Ltd. of Singapore.
The company, according to Gani, had appointed an independent consultant to conduct due diligence and valuation of those projects.
In the joint venture agreement, Siwani Trimitra has an option to acquire up to 50 percent ownership in Pandanwangi - a partner of state oil and gas company Pertamina -- and Siwani would be responsible for the technical and financing aspects of the projects.
In addition, Siwani would act as an arranger to raise funds for the projects, meanwhile, Pandanwangi would especially be responsible for the piping and depot project in Balaraja, while Logistindo would provide investment supports for the project. (*)