Pupuk Sriwijaya seeks investor

Pupuk Sriwijaya seeks investor

JAKARTA (JP): State-owned fertilizer producer PT Pupuk
Sriwijaya announced on Thursday that it would go ahead with plans
to build the so-called Kujang 1B project worth US$350 million.

Company Chairman Zaenal Soedjais said negotiations with
potential local and foreign investors were still underway,
though.

"I am optimistic that this multi-million project will go ahead
and the negotiations will be completed by the end of the year,"
he told The Jakarta Post on Tuesday before delivering a speech at
the 2001 Indonesia International Chemical Exhibition and
Conference.

Zaenal explained that the company was currently finalizing a
deal with a Japan-based investor willing to provide $150 million
in return for a stake in the project.

"Generally, we have agreed on the terms of conditions. But
there are still some technical matters to be discussed," he
added. He refused to name the company.

As for the other $200 million, Zaenal preferred that it came
from local investors.(10)