Adani Enterprises Ltd. said its step-down Indonesian subsidiary, PT Adani Global, had entered into a binding tripartite agreement with Indonesia's Regional Government of Sumatra Selatan, and PT Bukit Asam, to set up a 'Rail and Port Project' at an estimated cost of $1.65 billion. The project is to be constructed within 48 months.
The agreement was signed by Alex Noerdin, Governor of South Sumatra, Sukrisno, President Director of PT Bukit Asam and Harsh Mishra, President of Adani, in the presence of Gita Wiryawan, Minister of Capital Investment Board, M.S. Hidayat, Industry Minister, Freddy Numberi, Transportation Minister and Syahlan Lumbangaol, Dy. Mining Sector, Industry, Strategy, Energy and Telecommunication.
The Ahmedabad-based company said the project would provide 'Coal Purchase Rights' to it and the infrastructure created would be used for transportation of a minimum volume of 35 million metric tonnes per annum (MMTPA) of coal on a 'take or pay' basis from PT Bukit Asam concessions in South Sumatra.
The concession is initially valid for a maximum period of 30 years, expandable on mutual agreement.
The project envisages the ownership, construction and operation by Adani (through its various subsidiaries) of 250 kilometer rail line capable of transporting a minimum of 35 MMTPA of coal (expandable to 60 MMTPA). The rail line will connect Tanjung Enim, a coal mining area to Tanjung Carat, where Adani will build a port with matching capacity for evacuating the coal.
As per terms, PT Bukit will sell 60% of such coal to Adani at government notified price and the balance tonnage would be contract carriage for Bukit Asam. The long-term price for the transportation has been linked to CPI and fuel prices, in order to provide a fair return to both parties.
The Government of South Sumatra, Indonesia, agreed to provide all permits/approvals and arrange for all land for rail and port required for the project. (RTTNews)
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