Unocal, PLN agree on price of Sarulla power project: Source
Tuesday, June 17 2003 - 09:31 AM WIB
US energy company Unocal Corp. has agreed to sell its Sarulla geothermal power project in North Sumatra to state electricity firm PLN at US$60 million, an industry source told Petromindo.Com Tuesday.
?The two parties have agreed on the price,? the source said.
The Indonesian government in 1998 suspended the power project along with other electricity projects in different parts of the country due to the Asian economic crisis.
Unocal decided to resume the power project and sell electricity from it to PLN. But, protracted negotiations between the two parties on electricity prices had incited PLN to buy out the whole project.
The power project had been planned to have capacity of 110 megawatts. (godang)