Unocal to sell Sarulla power project for $60 million
Tuesday, July 8 2003 - 06:13 AM WIB
Oil producer Unocal Indonesia confirmed Tuesday that it had agreed to sell its Sarulla geothermal power plant in North Sumatra to state electricity firm PLN at US$60 million.
Transactions were expected for completion by September, Unocal Indonesia vice president Bradley Govreau told reporters.
The Sarulla project was planned to have capacity of 110 megawatts.
The government in 1998 suspended Sarulla and many other power projects in other parts of Indonesia after the Asian financial crisis hit the country.
PLN, after failing to agree with Unocal on the price of electricity from the Sarulla plant, decided to buy out the project. (godang)