Thursday, February 04, 2010

PGN-Pertamina JV

Two state-owned companies, PT Perusahaan Gas Negara (PGAS) Tbk and PT Pertamina, have finally signed the JV agreement for LNG floating storage and regasification terminal (FRST) to be built in West Java.
The JV agreement was signed today by PGAS CEO Hendi Prio Santoso and Pertamina CEO Karen Agustiawan, witnessed by SOEs minister Mustafa Abubakar and energy minister Darwin Zahedy Saleh.
According to the agreement, Pertamina controls 60% shares in the JV, while PGAS controls the balance. Pertamina will have its people as CEO and Director for operations of the JV, plus one commissioner, while PGAS will be represented by finance and administration director plus one commissioner.
LNG for the facility will be sourced from East Kalimantan for a combined 11.75 million tons in 11 years. The gas itself will be supplied to state-owned power producer PT Perusahaan Listrik Negara (PLN). The JV will start construction of the FRST this year.

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