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Cakra Mineral to acquire oil and gas EPC company

JAKARTA ( – PT Cakra Mineral Tbk said it is in the process of acquiring an engineering, procurement and construction (EPC) company, engaging in oil and gas industry. The company expects the acquisition to be realized in second quarter this year, delayed from first quarter set earlier.

“The acquisition is not completed yet as we are still conducting due diligence. We hope it will be done in second quarter,” company corporate secretary Dexter Sjarif Putera was quoted by Kontan as saying.

The company is currently seeking approval from the government develop a smelter plant. The company considers cooperating with a Chinese company Zhejiang Jinfeng, with Cakra holding 50.1% shares. The cost to develop the smelter is projected to reach USD68 million, with planned capacity of 48,000 metric tons per annum. (*)

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