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.