Jakarta (ANTARA News/Asia Pulse) - Indonesian state-owned oil company PT Pertamina and fellow state enterprise State Gas Company (PGN) have reached a deal to form a joint venture engaged in LNG Terminal services in West Java.

The cooperation agreement was signed by PGN Director Hendi Prio Santoto and Pertamina President Director Karen Agustiawan on Thursday. The joint venture will become fully operational by the end of 2011 with a 1 million to 1.5 million tons per year storage capacity.

PT Pertamina`s stake in the joint venture company will be 60 per cent and it will have the right to appoint the company`s chief executive officer, technical director, operations director and chief commissioner.


Source:
Business in Asia Today - Feb. 5, 2010
published by Asia Pulse

Editor: Ricka
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