APP has paid for electricity

APP has paid for electricity

SINGAPORE (Dow Jones): Singapore Power Ltd. has received full
payment to date for its electricity sales to Indonesian plants
belonging to financially troubled Asia Pulp & Paper Co., but
still has outstanding payments due from APP's China operations.

APP is currently on interest payments for electricity provided
to its China mills, but "lags by a few months," on principal
owed, Singapore Power's senior vice president Chris Brown said
Thursday.

He declined to specify the amount outstanding.

Brown expressed confidence that Singapore Power would continue
to be paid, as APP needs electricity from the plants to continue
its operations.

In 1998, Singapore Power spent US$349 million to acquire four
cogeneration plants, with an installed capacity of 313 megawatts
of power and 1,573 tons/hour of steam production in total, from
APP units in West Java, Indonesia. The plants sell electricity to
APP plants.