{
    "success": true,
    "data": {
        "id": 1241605,
        "msgid": "transco-i-stake-sale-deadline-extended-1447893297",
        "date": "2002-02-19 00:00:00",
        "title": "Transco I stake sale deadline extended",
        "author": null,
        "source": "DJ",
        "tags": null,
        "topic": null,
        "summary": "Transco I stake sale deadline extended Dow Jones, Singapore The deadline for bids for a 25 percent to 40 percent stake in state-owned PT Perusahaan Gas Negara's pipeline developing unit, Transco I, has been delayed until March 26, six weeks behind schedule, PGN said Monday. Transco 1 plans to develop the South Sumatra-Singapore gas pipeline, which will deliver about US$9 billion worth of natural gas over 22 years to Singapore starting 2003.",
        "content": "<p>Transco I stake sale deadline extended<\/p>\n<p>Dow Jones, Singapore<\/p>\n<p>The deadline for bids for a 25 percent to 40 percent stake in<br>\nstate-owned PT Perusahaan Gas Negara's pipeline developing unit,<br>\nTransco I, has been delayed until March 26, six weeks behind<br>\nschedule, PGN said Monday.<\/p>\n<p>Transco 1 plans to develop the South Sumatra-Singapore gas<br>\npipeline, which will deliver about US$9 billion worth of natural<br>\ngas over 22 years to Singapore starting 2003.<\/p>\n<p>The delay arose as Singapore's PowerGas Ltd.-led consortium<br>\nand Korea Gas Corp., or Kogas, requested more time to submit<br>\ntheir final bids, said PGN corporate secretary, Widyatmiko<br>\nBapang.<\/p>\n<p>\"Kogas hasn't done its due diligence\" for the tender, said<br>\nWidyatmiko. He added that some commercial documents weren't made<br>\navailable to bidders until last week, stalling Powergas's final<br>\nbid submission.<\/p>\n<p>The latest deferment in the sale of the Transco I stake could<br>\ndelay Singapore's import of gas from Indonesia, contractually set<br>\nto begin second-half 2003.<\/p>\n<p>Funds from the stake sale will make up a $250 million<br>\nshortfall in financing for the pipeline.<\/p>\n<p>The $477-million pipeline project is slated for completion in<br>\nAugust 2003.<\/p>\n<p>The pipeline construction will be partially financed by the<br>\nAsian Development Bank, which has committed $88 million in loans<br>\nto PGN contingent upon the Transco stake sale.<\/p>\n<p>\"Asian Development Bank has agreed to give the approval for<br>\nthe pipeline tender (award), ahead of the appointment of a<br>\nstrategic partner in Transco I,\" said Iwan.<\/p>\n<p>A consortium led by Malaysia's Petroliam Nasional Bhd, or<br>\nPetronas, and a partnership between Unocal Corp. and El Paso<br>\nCorp. have also submitted bids for a stake in Transco 1.<\/p>\n<p>The Petronas-led consortium includes Singapore Petroleum Co.,<br>\nTalisman Energy Inc. and Gulf Indonesia Resources Ltd.. PowerGas,<br>\na unit of Singapore Power, will bid together with Williams Co.<br>\nand Indonesian pipeline developer, PT Trans Nusantara Multi<br>\nConstruction, or Tranaco.<\/p>",
        "url": "https:\/\/jawawa.id\/newsitem\/transco-i-stake-sale-deadline-extended-1447893297",
        "image": ""
    },
    "sponsor": "Okusi Associates",
    "sponsor_url": "https:\/\/okusiassociates.com"
}