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Tripatra wins a US$500 million tender

JAKARTA: PT Tripatra Engineering, PT Indika Enery Tbk's subsidiary in construction sector, is almost certain to win over the tender of constructing an urea fertilizer plant of PT Pupuk Kaltim V worth US$500 million.One executive involved in the tender

JAKARTA: PT Tripatra Engineering, PT Indika Enery Tbk's subsidiary in construction sector, is almost certain to win over the tender of constructing an urea fertilizer plant of PT Pupuk Kaltim V worth US$500 million.One executive involved in the tender process informed that Tripatra achieved the project after beating two other companies joining in the final tender; PT Rekayasa Industri and PT Inti Karya Persada Tehnik.The decision, he added, was not final since it has to complete administrative process. However, Tripatra's victory is almost positive as the company offers lower expenses than those offered by other two competitors.Rekayasa Industri is offering US$800 million while Inti karya is proposing US$750 million. So Tripatra has a bigger chance to win the construction project, as he said in Jakarta, last week.He also informed that once all administrative affairs are done, Pupuk Kaltim management will officially announce the winner of Pupuk Kaltim V plant construction project.Contacted separately, Tripatra Engineering Executive Director Joseph Pangalila said they have not received any notification regarding the project winner.We are waiting for Pupuk Kaltim's tender results. Until now there has not been any announcement on the project winner. We have not heard it [Tripatra winning the tender].Bank loanBased on Bisnis data, Pupuk Kaltim V's urea fertilizer plant is built to replace inefficient Pupuk Kaltim I unit. In the project, Pupuk Kaltim has obtained a syndicated loan commitment from six banks led by PT Bank Mandiri Tbk.Yet, the financing commitment will be effective after the fertilizer plant obtain a minimum guarantee of gas supply for the next 20 years. The banks should apply for the condition considering gas supply as one of the biggest risks to a fertilizer plant's operation.For Tripatra, the plant construction is one of the last years targeted projects. As per third quarter of 2010, the engineering, procurement and construction (EPC) company was also eyeing other projects amounting US$2.4 billion.To date, the company has implemented a number of EPC projects, e.g. a joint operating body (JOB) of gas production activity of PT Pertamina Hess (AS) in Jambi, and Hess LPG storage and oil refinery in Gresik worth US$128.5 million.Then, PT Chevron Pacific Indonesias gas power plant project worth US$35 million, PT Excelcommindo Pratama Tbk (XL Axiata)'s optic cable network project worth US$135 million and gas distribution lines in various areas.Tripatra has also been working on the development of downstream processing facility since 1986, which is then becoming one of its core businesses. As per third quarter of 2010, Tripatra has been pocketing US$800 million or around IDR7.6 trillion from EPC contracts and other services.Indika Energy Vice President and Investor Relations Retina Rosabai said from the contracts, about US$200 million was developed in 2010 while the rest will be carried out in 2011.In yesterday's closing, Indika Enery slipped 2.52% to IDR4,825 forming a market capitalization of about IDR25.12 trillion. Almost every listed mining company was corrected yesterday as Australia worst flood issue eases. (T05/NOM)

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