State-owned electricity company PT. PLN (Persero) is likely to withdraw its bid to take over two geothermal assets offered for auction by US-based energy corporation Chevron.
PLN claims that Chevron has not provided it with the audited financial reports of its subsidiaries Chevron Geothermal Indonesia and Chevron Geothermal Salak, which operate the two geothermal assets PLN has been eyeing.
To date, PLN is in the running to take over Chevron’s Mount Salak and Darajat geothermal fields in West Java, which are estimated to be worth a combined US$3 billion.
