VIVAnews - PT Benakat Petroleum Energy will work on four projects on engineering, procurement, and construction (EPC) worth US$300-400 million in Sumatra and Kalimantan.
Benakat Petroleum Energy Managing Director Arifin Wiguna said the company will tackle the EPC of the consortium power plant with a local company.
"They're still estimating the fund," he told reporters on Wednesday, Jan 20.
He said the project will due in three years.
The company is also eyeing some oil wells in Sumatra and Kalimantan. "We're hoping that the wells can be obtained in the second half of 2010," he said.
Meanwhile, Benakat Energy Petroleum Commissioner Erry Firmansyah said the company is intending to hold IPO in the IDX by the first week of February 2010. The due diligence process will be held on Wednesday, Jan 27.
The company is aiming at IPO fund of between Rp 800 billion and Rp 1 trillion. Benakat will release 11.5 billion of shares and 6.5 billion of warrants series 1.
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Translated by: Bonardo Maulana Wahono
