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PT IEV GAS COMMENCES FEASIBILITY STUDY ON LNG DISTRIBUTION IN NORTH SUMATERA, INDONESIA & SIGNS MOU FOR LNG SUPPLY & DISTRIBUTION

PT IEV Gas (“IEV Gas”) entered into an MOU with PT Maxpower Indonesia to collaborate on Liquefied Natural Gas (“LNG”) supply for remote power generation in North Sumatera, Indonesia. A feasibility study will be carried out to cover the review of the procurement, transport and delivery of LNG to industrial and remote power generation consumers in North Sumatera.

Subject to the study results, both companies will work towards definitive collaboration agreements setting out specific terms of collaboration and financing obligations. The MOU which is valid for 12 months, may be extended upon the mutual agreement of both companies.