Andalas Energy and Power has signed an agreement with PT Pertamina to establish a joint working and steering committee with the objective to fast-track commercialisation of marginal gas fields within Pertamina's acreage in Indonesia. Andalas says the execution of this agreement represents substantial progress by the group in the implementation of its gas-to-power strategy with a world-class partner. Pertamina, listed in the global Fortune 500, is Indonesia's national energy company and holds an unrivalled position within the countrys energy industry. Andalas says the agreement is in line with its plan to utilise its team's expertise and local knowledge to make a significant contribution at the local level towards fulfilling the government of Indonesia's goal of reducing the country's power shortfall. Indonesia is seeking to increase electricity capacity by 35,000 Megawatts (MW) by 2019. Chief executive David Whitby, said: Working in partnership with Pertamina, the Indonesian national energy company, is in our view a testament to the strength of Andalas gas-to-power business concept and the calibre of both our Board and local management team, who have an intimate understanding of the countrys energy sector. "Andalas already has the team and network to make sure the partnership has at its disposal everything needed to deliver the targeted IPP commercialisation plans. "Pertamina holds an unrivalled position and has in-depth knowledge of Indonesias oil and gas sector, as well as a substantial portfolio of stranded gas discoveries in South Sumatra where there is a major need for power. "The Andalas team has a significant track record in monetising gas assets in Indonesia since 1990. Together Pertamina and Andalas are uniquely positioned to make a significant contribution to Indonesias economic growth by helping to meet the countrys growing demand for electricity at both the industrial and household level. "Together with our ongoing initiatives at TOE, this Agreement with Pertamina promises to fast track our strategy to build an integrated gas-to-power producer with a portfolio of interests which have the potential to generate significant value for shareholders. "As a result, we very much look forward to working closely with Pertamina to deliver projects that will not only help us achieve our objective, but importantly will benefit the people of Indonesia."
-0.01p (-3.77%)delayed 18:15PM