Development of Petroleum City in Acheh
Al-Aidid Petro Corporation Sdn Bhd (APCSB), is set to undertake the development of an integrated petroleum city in Pulau Breueh in northern Aceh, Indonesia.
The company is a special purpose vehicle set up by three companies, namely Aceh World Trade Centre (AWTC) from Indonesia and Malaysian companies Khairi & Zakri Holdings and Al-Aidid (M) Sdn Bhd.
An agreement for the joint development of the city was signed on Monday by APCSP with Lembaga Pengurusan Zon Perdagangan Bebas dan Pelabuhana Bebas Sabang (BPKS) a shareholder of the Aceh province and the ruler of Aceh province, APCSB’s president, Datuk Ir. Mohammad Aidid Zakaria told Bernama.
“Under a joint venture agreement signed by the government of Aceh, BPKS and APCSB, the ruler of Aceh has given several guarantees including its guarantee for all the finances or funds for the project, and also the assurance that the joint venture company will be the sole company of Aceh province involved in oil and gas in Aceh,” he said.
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