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Tuesday, February 18, 2014

PT PAL gets $250 million to build submarines

Changbogo class SSKState-owned shipbuilder PT PAL Indonesia will get up to US$250 million in state capital injection (PMN) under a multi-year project for the development of submarines to support the nation’s defense system.

Of that amount, $180 million will be channeled this year, according to Deputy Finance Minister Bambang Brodjonegoro at a hearing with lawmakers at the House of Representatives on Monday.

Bambang added that out of the $250 million given to PAL, $150 would be used for the construction of the shipyard, $30 million for “consultation” and that $70 million would be spent on personnel, such as experts and technicians.

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