Wed, 21 Mar 2007
From: Tempo Interactive
By Wednesday, 21 March, 2007 | 14:30 WIB
TEMPO Interactive, Jakarta: Tubagus Haryono, Head of the Oil and Gas Downstream Supervisory Body (BPH Migas), has said that the status of the Bakrie Brothers as the holder of special rights for the gas pipeline project between East Kalimantan and Central Java will be reviewed.

BPH Migas has given a deadline of July this year to the Bakrie Group, the special rights holder for this project.

According to him, BPH Migas has taken into consideration the financing that Bakrie has already provided.

“In reality, they are carrying out prepations,” said Tubagus yesterday (03/20).

He added that the government had offered no guarantee of gas supplies in the pipeline project.

“Since the beginning, no such a statement was ever made,” said Tubagus.

Bakrie's Director of Finance Yuanita Rohali once stated that four foreign financial institutions-- Mitsui, Mizuho, Deutsch Bank and CINB--were ready to finance the project.

The total cost of the 1,200-kilometer long pipeline project is US$1.26 billion.

Of this amount, 30 percent will come from Bakrie's reserves, whereas 70 percent of it will be in the form of loans.

Nieke Indrietta



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