SINGAPORE - IEV Holdings said its unit in Indonesia, IEV Gas, has entered into an exclusive deal with an Aceh firm to collaborate on the commercialisation of natural gas in Aceh.
IEV Gas and Investasi Aceh will launch a feasibility study on the project, which will include identifying and assessing the necessary technological, infrastructure and regulatory requirements involved in the commercialisation of gas from the natural gas sources that they have identified.
Subject to the results of the feasibility study, the partners will work towards a joint venture agreement setting out the terms of collaboration and financing obligations.
The costs of the study will be fully funded by IEV Gas, through IEV's internal resources.
The memorandum of understanding that the two partners have signed is valid for six months and may be extended upon the mutual agreement of both parties.