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Federal clinches oil pipeline deal in Indonesia

Federal clinches oil pipeline deal in Indonesia

(2008-07-03)

  MAINBOARD-listed Federal International (2000) said yesterday it has secured, through business associate PT Geolink Nusantara, a build, operate and own project for an oil pipeline in Indonesia’s East and Central Java. The engineering and procurement company, which supports the energy and utility sectors, said that the project is expected to generate for the Federal group revenue of about US$14 million over the contract period of 33 months. The “total project” is valued at US$29 million, it said. Federal will be involved in managing the project and procuring materials for it.

  The project involves a pipeline from Banyu Urip to Mudi and two oil storage tanks for Indonesia’s PT Pertamina EP Cebu. Planning started in May and is scheduled for completion by January next year. Federal’s executive chairman and chief executive Koh Kian Kiong said: “This project reflects our progress in scaling the value chain, from trading and distribution of oilfield-related products to project management and procurement of materials.”

  The company completed a 16-km East Java gas pipeline for PT Pertamina and Gas in January this year.

  Federal will fund the latest project internally and with bank borrowings. The project is not expected to have a material impact on the company’s net tangible assets or earnings per share for the financial year ending Dec 31, 2008. Federal says that it has changed its business model and its activities now include research and development and the design and manufacture of oil and gas-related equipment.

  It also has a new marine logistics business to charter vessels for offshore oil and gas activities.

  Federal also has projects in the utilities sector, such as a 12-year project to supply power to Natural Fuel on Jurong Island. The project shows the company’s progress in scaling the value chain, said Federal’s executive chairman and chief executive Koh Kian Kiong.

《The Business Times》
(编辑:沈茂华)

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