Singaporean company to build fuel storage in Indonesia

The oil and gas refining and marketing firm Singapore Petroleum Co. Ltd. (SPC) will establish fuel storages to process oil for industry in West Java province in Indonesia, the mines and energy ministry said here Wednesday.

Director of Processing and Commercial of the Mines and Energy Ministry Ery Soemarno said at the beginning of the second infrastructure summit that the SPC company will invest at least between 3 million and 6 million U.S. dollars.

To get its access to Indonesia, he said that the SPC will cooperate with two local companies the Redeco Corp. and the AKR Corp.

He said that the fuel to be put in the storage will be from Singapore and then the company will directly market it to industry.

Shares in SPC have edged up by some 0.8 percent this year, after a 26 percent gain in 2005. The firm's market capitalization stands at about 1.5 billion U.S. dollars.

Source: Xinhua