SINGAPORE (Yosefardi) – PT Golden Energy Mines Tbk (GEMS), a subsidiary of Golden Energy and Resources Limited (formerly known as United Fiber System Limited), has in May 6, 2015 entered into a non-binding memorandum of understanding (MoU) with PT DSSE Energi Mas Utama (DEMS).
Under the agreement, GEMS contemplates selling such amount of coal to DEMS and its subsidiaries as required by its power plants (Kendari Project and Future Projects).
DEMS is in the power generation business and owns, among other things, coal concessions through its subsidiaries. DEMS is a substantially-owned subsidiary of PT Dian Swastatika Sentosa Tbk.
DEMS, through its subsidiary PT DSSP Power Kendari, has been appointed as the preferred bidder for the procurement of a steam power plant with capacity of 2x 50MW (Kendari
Project)
In addition, the DEMS Group intends to capitalise on opportunities arising from the Indonesia Government’s intention to construct 35,000 MW power plants, to expand its power business by, inter alia, participating in other power plant projects in Indonesia (Future Projects).