SPC sets up new Indonesian business units
Tuesday, May 24 2005 - 01:45 PM WIB
Singapore Petroleum Indonesia Private Limited (SP Indonesia) is a Singapore incorporated company with a paid up capital of US$2.It is a wholly-owned subsidiary of Singapore Petroleum Venture Private Limited (SP
Venture) which is a wholly-owned subsidiary of SPC.
PT Sumber Prestasi Cemerlang (PT SPC)is jointly owned by SP Indonesia and SP Venture and is an Indonesia incorporated company with a paid up capital of the equivalent of US$100,000.
"SP Indonesia and PT SPC will complement the Group?s current businesses in Indonesia and provide a stronger base to further expand its business and enable the Group to capitalise on market opportunities arising from the growing energy demand in Indonesia," the company said in a statement.
SPC's current investment in Indonesia include a 15% working interest in Kakap Production Sharing Contract, located offshore West Natuna Sea and associated interest in the West Naturna Transportation System, a 654-km undersea gas pipeline linking the West Natuna PSCs to SIngapore; a 40% interest in the Sampang PSC, offshore Java, Indonesia and 6% equity interest in PT Transportasi Gas Indonesia, a state-owned gas transmission company in Indonesia that owns and operates the Grissik-Duri Pipeline and the Grissik-Batam-Singapore Pipeline. SPC also distributes its own brand of lubricant products in Indonesia through distributors.(alex)