Offshore staff

(Singapore) -- The $1.26 billion gas pipeline project to connect Kalimantan fields to the main markets in Java was awarded to Indonesia's PT Bakrie & Brothers.

Work on the 1,120 km pipeline is to beging in 2007 with a 2009 completion.

The company submitted lowest toll fee of 84 U.S. cents for each million British thermal units of gas transported via the pipeline to win the built and operate project, which was awarded by the state oil and gas downstream regulator BPH Migas early this week.

Bakrie and Brothers expect to partly finance the project through internal funds, partly through borrowings from Indonesian and international financial institutions.

7/19/06