Tender Procurements and Contract Opportunities Indonesia

JAKARTA: PT Pertamina (Persero) has called PT Trans-Pacific Petrochemical Indotama (TPPI) in order to resolve problems through accelerated restructuring of debts of state-owned Oil & Gas has filed before talking about the planned refinery, naphtha project between the two companies.

Pertamina vice president of corporate communications Trikora son Basuki said today TPPI not give a positive response associated with the proposed restructuring scheme Pertamina on the company's debts to Pertamina.

According to him, before speaking about development cooperation plans new refineries, he said, should focus TPPI to discuss debt restructuring arising from the operation of the existing refinery.

"Frankly, we do not know if TPPI plans to build new refineries. That our proposed restructuring scheme for the existing refineries have still no solution until now, "he said today.

Basuki said that Pertamina wanted the company's proposed restructuring scheme will be accepted.

"In our proposal to our existing refinery to mention about how the proportion of share ownership. If it completes discussed, will be the basis for the refinery expansion plan in the future, will be revamping or how. "

At the position in December 2009, Pertamina's debt to the carrying TPPI of U.S. $ 300.7 million.

TPPI proposed debt restructuring with the modified pattern into equity or equity that has been getting speech Pertamina and make it as another alternative, outside the payment in full.

Members of the House of Representatives Commission VII F-PG ditto Pertamina Ganinduto assess proposals to increase ownership stake in the TPPI is the best solution.

With the scheme, which has the TPPI Pertamina refinery in Tuban, East Java, it will become dominant.

"Accordingly, Pertamina dependence on imported oil will also be reduced. With the additional investment of U.S. $ 1 billion, the refinery capacity to 200,000 bpd could TPPI. Much cheaper than building a new refinery, which is around U.S. $ 4 billion-US $ 5 billion, "he said.

The emergence of disputes between Pertamina and TPPI have originated debt obligations of U.S. $ 350 million (JGC et al) U.S. $ 120 million (Stone and Webster). On the other hand, the firm also requires an additional investment of U.S. $ 400 million and USS75 million of working capital. (Wiw) By: Rudi Ariffianto (Bisnis.com)

www.tenderoffer.biz

< Prev		Next >