PGN to launch $250M bond roadshow

PGN to launch $250M bond roadshow

JAKARTA: Indonesia's state-owned gas distribution company PT
Perusahaan Gas Negara (PGN) will embark on an overseas trip in
August to market the first tranche of a planned US$500 million
bond.

The company's President Director Washington Simanjuntak said
Wednesday the marketing team will meet with prospective investors
in Singapore, Hong Kong and London.

PGN is expected to offer up to $250 million in the bonds as
the first tranche. The funds will be used to help finance gas
pipeline projects in Sumatra. One of the projects will channel
gas from south Sumatra to West Java.

Washington declined to name the underwriter for the bond
issue.

But market sources said Credit Suisse First Boston has been
selected as the underwriter.

The bonds will be listed on the Singapore Stock Exchange in
September, Washington added. -- Dow Jones

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CorporateBrief-Korea-KTF
KTF to set up unit in Indonesia
JP/14/KTF

KTF to set up unit in Indonesia

SEOUL: South Korea's KTF Co. said on Wednesday it has signed a
contract with PT Mobile-8 Telecom of Indonesia to provide
wireless consulting services and network systems in a deal valued
at US$17.5 million.

KTF, South Korea's second largest wireless operator, will
provide consulting services on code division multiple access 1x
networks, wireless data and billing services through June 2006.

KTF said it plans to set up a unit in Indonesia in August and
transfer some employees to the region. It didn't provide more
specific details.

PT Mobile-8 is scheduled to launch wireless services based on
CDMA2000 1x technology in Jakarta by the end of this year.

Last month, mobile handset maker Samsung Electronics Co.
signed a $120 million deal with PT Mobile-8 to provide CDMA
systems.

Shortly after the markets opened, KTF shares rose 1.3 percent,
or 300 won, to 23,600 won on the technology-laden Kosdaq market.
-- Dow Jones

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CorporateBrief-CNPC
CNPC buys refineries in Algeria
JP/14/CNPC

CNPC buys refineries in Algeria

BEIJING: China National Petroleum Corp. (CNPC) has expanded
its oil interests in Africa with the purchase of several refining
businesses in Algeria for US$350 million, state press reported on
Wednesday.

PetroChina Exploration and Development Co., a unit of CNPC,
signed a contract last week with Algerian firm Hydrogen Carbide
to jointly develop oilfields, and build and operate a refinery in
the southwest part of the country, the China Business weekly
reported, without citing sources.

CNPC will hold a 70 percent share in the company, the report
said.

The deal allows the two companies to operate the SBAA oilfield
in Adrar for 23 years, with annual output expected to reach
600,000 tons.

CNPC officials have long eyed Algeria as a vital source of
overseas oil for an increasingly energy-hungry China.

CNPC reportedly plans to ship up to 5.0 million tons of crude
oil a year from Algeria by 2005, which would make it China's
second-biggest overseas oil production base behind Sudan. -- AFP