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.