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The Bakrie Group said in Jakarta on Thursday that it would
continue to accept overall liability for paying for the efforts to
tackle the mud-volcano disaster at the Lapindo Brantas gas exploration
well in Sidoarjo, East Java.
The statement comes on the back of a move by the group's subsidiary
Energi Mega Persada (EMP) to sell its entire stake in Lapindo Brantas.
Bakrie said that money and other forms of support to cope with the
massive mudflow would be channeled through Minarak Labuan Ltd., another
Bakrie subsidiary.
"This commitment represents a guarantee of the availability of the
necessary funding required by Lapindo to fulfill its obligations
arising out of the mudflow in accordance with Presidential Decree No.
13 of 2006," said Jay Abdullah Alatas, a director of Minarak Labuhan,
in a statement.
Regarding Lapindo's debts, Jay said that they would be repaid by
Freehold Group, which has been lined up to buy Energi Mega Persada's 50
percent stake in Lapindo.
Publicly listed Energi Mega announced earlier this week that it had
signed a deal to sell its entire stake in Lapindo to the British Virgin
Islands-based Freehold.
The announcement was made after the Capital Market Supervisory Agency
(Bapepam) refused to approve EMG's earlier plan to sell its Lapindo
stake to Lyte Limited, another affiliate of the Bakrie Group.
Bapepam chairman Fuad Rahmany warned Thursday that he would not approve
the latest deal until such time as EMG had clarified the status of the
buyer, and its liabilities regarding the cost of tackling the mudflow,
including the compensating of the victims of the disaster, which has
inundated more than 400 hectares of industrial land, farmland and
residential areas with hot, noxious mud.
According to unconfirmed reports, the likely cost of containing the mud
has swelled by more than 80 percent to $180 million.
Medco Energi Internasional and Australian firm Santos own the remaining
50 percent of Lapindo. Medco holds 32 percent and Santos another 12
percent.
Medco has said that it will not contribute financially to the cost of
handling the disaster, which began in May, claiming that Lapindo had
violated their 1992 joint operation agreement for the Sidoarjo well.
Bakrie Group said here , through its affiliated company Minarak Labuan
Co., Limited, will be responsible.
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