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ENRON SIGNS GAS SUPPLY AGREEMENT
FOR IMMEDIATE RELEASE: Thursday, September 11, 1997
HOUSTON -- Enron today announced that P.T. East Java Power Corp. (EJPC), which is 50.1 percent owned by Enron, has signed a Gas Supply Agreement (GSA) which will supply natural gas to its 500 megawatt power plant under development in Pasuruan, East Java, Indonesia. The 20 year GSA was signed with Pertamina, Indonesia's state owned oil and gas company.
"This is one of the last critical steps before the East Java project can achieve financial close and commence construction," said Rebecca P. Mark, chairman and CEO of Enron International. "We expect the power plant to be operational in early 2000."
Pertamina will supply up to approximately 30 billion cubic feet per year of natural gas to the power plant. The gas, sold by Pertamina, will be produced under a production sharing contract with Mobil Madura Strait Inc. (the operator) and Husky Oil (Madura) Ltd. from the Madura BD field offshore of East Java in the Madura Strait. Pertamina will deliver the gas via an approximately 60 kilometer subsea pipeline system to be constructed from the Madura BD field to Kambing Island for processing, and on to the EJPC plant site.
In November 1996, EJPC signed a 20 year Power Purchase Agreement with PLN Persero, Indonesia's state-owned utility, to purchase power from the natural gas-fired, combined cycle plant.
Enron's partners in EJPC are Pasuruan Power Company and Prince Holdings Limited, which own the remaining 49.9 percent.
Enron Corp., one of the world's largest integrated natural gas and electricity companies with approximately $19 billion in assets, operates one of the largest natural gas transmission systems in the world; is the largest purchaser and marketer of natural gas and the largest non-regulated marketer of electricity in North America; is a leading participant in liberalized energy markets in the United Kingdom and the Nordic Countries; markets natural gas liquids worldwide; manages the largest portfolio of fixed-price natural gas risk management contracts in the world; is among the leading entities arranging new capital to the energy industry; owns a majority interest in Enron Oil & Gas Company, one of the largest independent (non-integrated) exploration and production companies in the United States; owns a majority interest in Enron Global Power & Pipelines L.L.C., which is owner and manager of operating power plants and natural gas pipelines around the world; is one of the largest independent developers and producers of electricity in the world; and is a major supplier of solar and wind renewable energy worldwide. Enron's internet address is www.enron.com and its common stock is traded under the ticker symbol, "ENE."
For additional information please contact:
Kelly Kimberly
713-853-5377
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