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Kyushu Electric Power Company and a consortium consisting of Medco Energi Internasional Tbk, an Indonesia's largest private energy company, ITOCHU Corporation, Ormat International, Inc., a generator manufacturer, (hereinafter called Medco Consortium) have signed a memorandum regarding the Sarulla Geothermal project in the presence of PT PLN (Persero), Indonesia's state-owned electric utility company, at Japan-Indonesia Business Forum held along with the Prime Minister Abe's visit to Indonesia.
Kyushu Electric Power has discussed the investment in the Sarulla Geothermal Power Project in Indonesia which is under negotiation between Medco Consortium and PLN. The memorandum signed today includes Kyushu Electric Power's intention to get involved in the project when the conditions are met after its close examination on the project.
[Outline of the Agreement]
| *Description of the Agreement: |
Kyushu Electric Power will conduct a detailed examination on
the Sarulla Geothermal Project and, when the conditions are met, will invest in the project. |
| *Date of Conclusion: |
August 20, 2007 |
| *Representatives: |
-Kyushu Electric Power Company
Executive Vice President Mitsuaki Sato
-Medco Energi Internasional Tbk.
CEO/President Director Hilmi. Panigoro
-ITOCHU Corporation
Executive Vice President/COO Akira Yokota
-Ormat International, Inc.
Vice President David Citrin
-PT PLN (Persero)
Director of Generation Ali Herman (observer) |
(Reference)
1. Outline of contracting parties
| *Medco Energi Internasional Tbk. |
-The largest private energy company in Indonesia
-Established in 1980
-Business: Exploration and production of oil and gas, Drilling services, Power, Chemicals
-Employees: 6,056 (end of 2006)
-Sales: 95.1 billion yen (2006)
-Net Asset; 221 billion yen (end of 2006)
-Listed in the Jakarta Stock Exchange since 1994 |
| * ITOCHU Corporation (group) |
-Employees: 45,681 (end of September 2006)
-Sales: 11,579.1 billion yen (FY2006)
-Net Asset: 5,271.2 billion yen (end of FY2006) |
| *Ormat International, Inc. |
-Established in 1965
-Business: Manufacture of binary power generator, geothermal IPP
-Employees: 733 (end of 2005)
-Sales: 32.3 billion yen (2006)
-Net Asset: 139.2 billion yen (end of 2006)
-Listed in the NYSE since 2004 |
| *PT PLN (Persero) |
-Indonesia's state-owned power company
-Business: Power generation, transmission and distribution
-Employees: 46,697 (end of 2005)
-Sales: 979.8 billion yen (2005)
-Net Asset: 2,826.8 billion yen (end of 2005) |
| *Exchange rate: $1=120yen, 1Rp=0.0128 yen |
2. Outline of the Sarulla Geothermal Power Project
| *Location: |
Sarulla region, North Sumatra, Republic of Indonesia |
| *Power Generation Capacity: |
approx. 300MW |
| *Business: |
Medco Consortium to construct, operate power plants, and sell the generated electricity to PLN |
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This mark means acrobat data. 
