Hopewell reviews RI options

Hopewell reviews RI options

HONG KONG (Reuters): Hong Kong's Hopewell Holdings Ltd is reviewing the near and long-term outlook for its Indonesian investments, a spokeswoman for the company said yesterday.

"Hopewell is considering all its options because of the political and economic situation in Indonesia," the spokeswoman said, but would not confirm Jakarta press reports saying the project was to be delayed or possibly terminated.

Hopewell has two power plant projects in Indonesia, Tanjung Jati B and Tanjung Jati C.

The Hong Kong company holds 80 percent of the Tanjung Jati B project and its Indonesia partner PT Impa Energi the remaining 20 percent.

Tanjung Jati B, a coal-fired project which is about 20 percent completed, was scheduled to come on line at end-2000.

The Indonesian government in January of this year put the Tanjung Jati C project on review.

Hopewell has previously said it had not invested any capital in the C phase of the mega-plant, but has not disclosed how much it has spent on Tanjung Jati B which has a total planned investment of US$1.77 billion.