JAKARTA, 02 May 2006 - Four of China's power equipment firms have agreed on a US$7 billion deal with Indonesia, reported United Press International. According to the report, a memorandum of understanding was signed between the four Chinese manufacturers and Perusahaan Listrik Negara, Indonesia's state-owned electricity company, during the Boao forum on Hainan island last weekend.

The four Chinese firms, Harbin Power, Shanghai Electricity Corp., Dongfang Electricity Corp. and China National Technology Import Export Corp., would sell equipment able to generate 10,000 megawatts from coal-fired stations. The Chinese manufacturers will provide both equipment and funding, through export credits from China Exim Bank and the Bank of China.

The four firms reportedly offered a construction cost of US$800 to US$850 per kilowatt against US$1,000 to US$1,700 from U.S., German and Japanese companies. The contract is due to be formally signed in August.

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