Tenneco deal formalized

Thu, 28 Dec 1995

SYDNEY (Reuter): Energy Equity Corporation Ltd. (EEC) said yesterday it has signed agreements with Tenneco Gas Australia to formalize the strategic alliance between the two companies.

Tenneco has agreed to purchase for A$28 million 50 percent of EEC's interests in the Sengkang power plant and production sharing contract in South Sulawesi, Indonesia.

The agreement is conditional on the signing of the power purchase agreement and gas sales and supply agreements by the Indonesian government for the 135MW natural gas fired power station at Sengkang. Documentation was agreed on and waiting the signature of the Minister for Mines and Energy, EEC said.

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