Source Pravda.Ru

Petronas Acquires 40% In Indonesian Gas Company

Petronas-led consortium has acquired a 40% equity stake in PT Transportasi Gas Indonesia from Indonesia’s state-owned PGN for US$187.6mln.

The purchase price includes a commitment to contribute US$57.6mln in new equity to assist in the financing of the proposed Sumatra to Singapore gas pipeline.

Transgasindo’s principal assets are the existing Grissik-Duri pipeline and the proposed pipeline to transport natural gas from Sumatra to Singapore via Batam, which is being developed by PGN and will be transferred to Transgasindo at a fixed price on completion in 2003.

Transasia Pipeline Co Pte Ltd is a joint-venture company owned by Petronas, ConocoPhilips, Singapore Petroleum and Talisman Energy Inc.

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