Tue, 25 Sep 2007
Jakarta (ANTARA News/Asia Pulse) - PT Bakrie & Brothers (JSE:BNBR) will ask South Korea's Daewoo Engineering (KSE:047040) to provide US$550 million in vendor financing for the US$1.2 billion Kalimantan-Java gas pipeline project.

Bakrie & Brothers has prepared options to issue a bond valued at US$550 million if its attempt to have vendor financing fails, said finance director Yuanita Rohali.

The loan from Daewoo is equivalent to 435,000 tons of steel for the pipeline project, Yuanita said, adding that they are waiting for an offer from partner Daewoo.

Bakrie & Brothers was awarded the project by the Upstream Oil and Gas Regulatory Agency (BPH Migas) in a tender in July 2006, defeating state-owned gas distributor PGN and PT Barata Indonesia.


Tue, 25 Sep 2007
From: JakChat
Comment by KuKuKaChu
ask yourselves: if you had a spare USD550,000,000, would you give it to Bakrie?


Wed, 26 Sep 2007
From: JakChat
Comment by Dilli
I would not piss on them if they were on fire.



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