Energy World finalises Indonesian purchase

AUSTRALIAN gas and power project developer Energy World Corporation (EWC) says it has finalised its purchase of El Paso Energy International’s Sengkang power and gas assets in Indonesia.

Sydney-based EWC yesterday said it now owns El Paso Energy’s interests in the Sengkang power project, which consists of a gas-fired power plant supplied by its namesake gas field in Indonesia.

The company said it had paid $US61.2 million ($A80.7 million) for El Paso Energy’s 50% interest in Energy Equity Epic (Sengkang) and its 47.5% interest in PT Energi Sengkang.

As a result, EWC now owns 100% and 95% interest in the two assets, respectively.

Last month, the two companies withdrew a litigation between them after reaching the Sengkang purchase and sale agreement by mutual consent.

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