Promet Bhd eyes RI oil

Promet Bhd eyes RI oil

KUALA LUMPUR (Reuter): Promet Bhd said yesterday that it has
agreed to enter a joint venture with two Indonesian parties to
bid for oil and gas projects in Indonesia.

In a statement, the engineering and construction group said
the pact is with PT Timah Tbk and PT Dok dan Perkapalan Air
Kantung, a 72 percent shipbuilding unit of PT Timah.

Promet is participating in the venture through its wholly-
owned Singapore unit, Promet Private Ltd.

"The parties will initially seek to be pre-qualified to tender
for oil and gas projects in Indonesia. Upon obtaining the
necessary prequalification licenses, the joint venture will
pursue such tenders and projects," the statement said.

Under the agreement, the Indonesian firms will be responsible
for fabrication facilities, local administration, licenses,
labor and labor management.

Promet will provide engineering and design, project management
and technical management, the statement said.