Petronas, KOGAS eye Transco stake

Tue, 16 Apr 2002

SINGAPORE: A consortium led by Malaysia's Petroliam Nasional Bhd., and South Korea's Korea Gas Corp. and partner are vying for a stake offered in Indonesia's PT Perusahaan Gas Negara's pipeline developing unit, Transco I, a PGN official said Monday.

PGN will announce the results of the tender offering a 25 percent to 40 percent stake in Transco I next week, he said.

Transco I 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.

The stake tender, which closed March 26 and is due to be awarded mid-April, has attracted two final bids out of four originally submitted.

The Petronas-led consortium, which includes Singapore Petroleum Co., Talisman Energy Inc. and Gulf Indonesia Resources Ltd., "hopes to win" the tender, said the PGN official.

The other bid is from Kogas, together with American investment firm AIDEC Management Co. Pte. Ltd., or AIMAC. -- Dow Jones

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