Jakarta: PT Batam Maritime Center – a member of Drydocks World Group from Dubai has signed a Memorandum of Understanding with Indonesia’s PT Bina Bangun Bahari, a company engaged in engineering, fabrication, construction and infrastructure, to resurrect the stalled Batam Maritime Center project.
The MoU will be implemented by a team with members from both companies. There would be a move to arrive at a framework for a joint venture to implement the project. “This new joint venture will bring a new investment of approximately $2.5bn that can contribute to Indonesia’s economic development program,” Drydocks said in a statement.
The 175-hectare Batam Maritime Center was first mooted just before the financial crisis struck. Since then Drydocks World has offloaded its stakes in Southeast Asian yards as it fought off giant debts. However, the company has continued to eye Indonesia as a place to kick start expansion plans again. [30/01/13]
