Siwani eyes L&M's projects

Siwani eyes L&M's projects

SINGAPORE (AFX-ASIA): L&M Group Investments Ltd said PT Siwani
Trimitra Tbk has offered to buy its pipeline projects in
Indonesia.

In exchange, PT Siwani has proposed to issue new shares to L&M
at a price to be agreed by both parties, it said.

The projects, including Surabaya Depot Satelit, Pipanisasi BBM
Manggis Sanggaran and Kuala Tanjung Trnasit Terminal, were
suspended in 1998.

L&M, through Van der Horst Technologies Pte Ltd,
Infrastructure Technology International Inc and PT VDH Teguh
Sakti, has so far invested A$24 million in the projects which
were awarded by Pertamina.

L&M said it and PT Siwani "intend to cooperate to remove all
obstacles, be it legal or technical in nature, for the projects
to resume expeditiously."