Liquid carrier project

Liquid carrier project

JAKARTA (JP): Salim Group, RGM International and Gearbulk Ltd
will set up a joint venture company to operate carriers of liquid
products like crude palm oil and refined palm oil.

Salim Group's chief executive officer, Anthony Salim, said
yesterday that he, RGM's chief executive, Sukanto Tanoto, and
Gearbulk's chief executive, Kurt Hjelset, signed a memorandum of
understanding Monday.

He said Salim Group would own 40 percent of the joint venture,
RGM International 40 percent and Gearbulk 20 percent.

He did not say how much the project would cost.

Salim said Gearbulk's subsidiary, Grace Shipping Ltd, was
conducting a feasibility study.

Salim Group and RGM International have cooperated in
developing palm oil plantations in North Sumatra, Jambi and Riau
since 1983. (bnt)