Bakrie trims Iran stake<\/p>\n
NICOSIA (Reuters): Canada's Bow Valley Energy Ltd, planning a
\nbuy-back contract to develop an Iranian oilfield, has been told
\nby its Indonesian partner that it would no longer be able to
\nfinance the project as planned, the Middle East Economic Survey
\n(MEES) reported on Monday.<\/p>\n
MEES said that the Indonesian currency crisis had prompted
\nBakrie Minarak Petroleum to pare its financial commitment for the
\ndevelopment of the 40,000 barrels per day (bpd) Balal offshore
\noil field in Iran.<\/p>\n
\"The Indonesian firm had been expected to put up all of the
\n$152 million or so needed to support the capital costs of the
\nmaster development plan,\" the newsletter said.<\/p>\n
\"While Bakrie is likely to lessen its obligations in respect
\nof Balal considerably, negotiations are still underway to sort
\nout the extent of this reduction,\" it added.<\/p>\n
The newsletter said Bow Valley is in the process of
\nidentifying other firms which might be interested in joining the
\nproject on a joint-venture basis.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/bakrie-trims-iran-stake-1447893297",
"image": ""
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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