Mar 15, 2011

Bakrie, Gunanusa tap Middle East project

PT Bakrie & Brothers Tbk (BNBR) through its subsidiary namely PT Bakrie Metal Industries together with PT Gunanusa Utama Fabricators is establishing business cooperation with Batterjee Holding Company to build platform and fabrication for offshore oil and gas exploration in Middle East.
According to the press release sent to Indonesia Stock Exchange (IDX) today, President Director of Bakrie & Brothers Bobby Gafur Umar said that the agreement has been signed.
“The memorandum of understanding (MoU) has been signed in Saudi Arabia in March 12,” he said.
He said the needs for the construction and fabrication of the offshore platforms in Middle East countries are quite high particularly in Saudi Arabia.
However, all this time the oil-rich countries are actually depends on the capability of other countries outside Middle East region to fulfill their needs. "Bakrie & Brothers and Gunanusa Utama have extensive experience as developer and fabricator of platform for offshore oil and gas exploration,” he added.

Disclosure: No position at the stock mentioned above.

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