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PT Benakat Petroleum Energy TBK Signs Agreement to Finalize Due


PT Benakat Petroleum Energy TBK Signs Agreement to Finalize Due Diligence with Sembawang

Jakarta, Indonesia, May 30, 2013 - (ACN Newswire) - PT Benakat Petroleum Energy Tbk ('BIPI' on the Indonesian Stock Exchange) and Sembawang Engineers and Constructors Pte. Ltd. ('Sembawang') have signed an agreement on 29 May 2013 to finalise their Due Diligence to enter into a partnership with a view to list a new Joint Stock company on the SGX subject to joint board and shareholder approval and clearance.

The new company will leverage off the considerable opportunities available to BIPI with SEC responsible for their delivery in the following verticals:

- Coal & Mineral Mining and Infrastructure - Power - Water Treatment Plant - Property

Mr. Richard Grosvenor, President and CEO of Sembawang and Michael Wong, Director and CFO of BIPI released a joint statement concerning this milestone:

"We believe that this proposed partnership will result in a blue chip heavyweight company that can provide investors with the golden triangle of yield;

1. Growing Fixed Recurring Resource infrastructure Income. 2. Concept to Key Developer's Profits. 3. A Balanced Property Rental Income Stream and Asset Capital Growth.

About Sembawang Engineers and Constructors

Sembawang Engineers and Constructors Pte. Ltd. (Sembawang) is one of the leading engineering, procurement and construction groups in South-east Asia. Sembawang has a global presence, with offices in Malaysia, Indonesia, the Hong Kong SAR, the People's Republic of China, India, the United Arab Emirates, Bahrain and Australia.

Sembawang specialises in handling a diverse spectrum of technologically challenging and complex projects in the niche areas of mega infrastructures, high-rise buildings and utility works, such as power and water plants. The group has world-class competency across a full range of engineering disciplines and is an established leading turnkey contractor capable of providing technology-based solutions and quality products and services. It is also able to undertake projects under the build-own-operate and the build-own-operate-transfer bases.

Sembawang is a subsidiary of Punj Lloyd Limited, a leading engineering and construction group based in New Delhi and listed on the National and Bombay stock exchanges of Mumbai. The Punj Lloyd Group, with a global network spanning five continents, provides integrated design, engineering, procurement, construction and project-management services for the energy, infrastructure and petrochemical sectors.

Expertise and Accomplishments

Sembawang has received many accolades for its projects across Asia Pacific and the Middle East. It has been involved in many projects and has played a key role in the national development of Singapore. This includes the construction of Singapore's Changi International Airport, the Mass Rapid Transit Systems, the Light Rail Transit Systems, iconic buildings, leisure and industrial developments.

Landmark projects include:

- Singapore's Marina Bay Sands and Resorts World Sentosa integrated casino resorts, Singapore - Kallang Paya Lebar Expressway, Singapore - Changi Water Reclamation Plant, Singapore, one of the world's largest waste-water complexes - Bayfront MRT station (Downtown Line Stage 1) in Marina Bay, Singapore - Jumeirah Islands Villas, a high-end residential project, Dubai - The Exchange, a mixed commercial development in Tianjin, People's Republic of China.

Sembawang has won recognition from various industry authorities and has an established integrated Health, Safety, Environment and Quality system recognised by the Building and Construction Authority of Singapore. Sembawang has been certificated to ISO 9001 (Quality), ISO 14001 (Environmental), OHSAS 18001 (Safety).

For more information please visit www.sembawangenc.com and www.wavebreakisland.com or email bd@sembawangenc.com or telephone +65 6305 8788.

About Punj Lloyd Group

Punj Lloyd Group is a globally diversified conglomerate providing engineering, procurement and construction services in the energy and infrastructure sectors along with engineering and manufacturing capabilities in the defence sector.

Known for its capabilities in delivering mega projects on time, thereby ensuring repeat customers, the Group possesses a rich experience of successfully delivered projects, while maintaining the highest standards of health, safety, environment and quality. Further information about the Group is available at www.punjlloydgroup.com.

About PT Benakat Petroleum Energy Tbk

PT Benakat Petroleum Energy (IDX:BIMI) is an integrated oil and gas company that owns investment and asset portfolios in several mining sectors, including oil and gas, coal, manganese, with the support of integrated oil and gas services business. Listed on the Indonesian Stock Exchange in early 2010, BIPI has made several strategic acquisitions to strengthen its business, including the acquisition of 37,67% of shares of PT Elnusa Tbk (ELSA), 10,3% of shares of PT Buana Listya Tama Tbk (BULL), 100% of shares of Patina Group Ltd, and following the GMS on December 14, 2012, the full acquisition of PT Astrindo Mahakarya Indonesia (AMI). For more information, please see www.benakat.co.id.

PT Benakat Petroleum Energy Tbk

Dina Andini Corporate Secretary T +6221 5764661 corsec@benakat.co.id

Copyright 2013 ACN Newswire. All rights reserved.

Provider ID: 00013274

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