SingPower, Pertamina's deal

Fri, 17 Sep 1999 | Source: DJ

SINGAPORE (Dow Jones): Singapore Power has finalized a letter of agreement to buy Sumatra natural gas from Indonesia's state- run Pertamina and intends to sign a deal next week, Singapore Power officials said Thursday.

Indonesian officials told the media last week that the highly contentious natural gas deal would be signed by the end of the month.

Singapore Power will reportedly buy US$7 billion worth of natural gas from the Asamera fields in southern Sumatra from Pertamina for 20 years beginning in 2002. Singapore Power wouldn't confirm any of the details of the agreement Thursday. Pertamina officials couldn't be reached for comment.

The Asamera fields are operated by Gulf Indonesia Resources Ltd.

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