UPDATE 1-BHP's Maruwai draws bid from Bumi Resources -sources

* UBS running asset sale - sources

* BHP taking bids for 100 percent and minority stakes -source

* Entire project worth roughly $500 mln -source

By Joseph Chaney and Rujun Shen

HONG KONG/SHANGHAI Oct 29 (Reuters) - Indonesia's PT Bumi Resources (BUMI.JK) is among the bidders for BHP Billiton's (BHP.AX)(BLT.L) Maruwai coal project in Indonesia in a deal that could be valued at $500 million, sources said.

Final offers are due on November 2.

Maruwai, a metallurgical coal deposit in Central Kalimantan, is expected to produce 1 million tonnes of metallurgical coal per year.

The world's largest miner is simultaneously receiving bids for 100 percent of the project -- valued at roughly $500 million -- and also for 25 percent minority stakes, one of the sources said.

The miner has not disclosed how much of the project it ultimately plans to sell.

"They are looking at two possible alternative sales," one of the sources told Reuters.

"Half way through the process they did an about turn and they said, yes we are looking at 100 percent, but we are also looking at a minority joint venture. They are going to select a partner based on who can bring relationships to the table through their current operations in Indonesia."

BHP has hired UBS (UBSN.VX)(UBS.N) to run the sale, two sources said.

Credit Suisse (CSGN.VX) is advising PT Bumi Resources (BUMI.JK) on its bid, two of the sources told Reuters.

The sources were not authorised to speak publicly about the matter and declined to be identified.

Indonesia's PT Adaro Energy (ADRO.JK) and PT Indika Energy (INDY.JK) are also among the firms who have expressed interest, Bambang Setiawan, director general of mining, coal and geothermal at the energy and mines ministry told reporters in September, according to media reports.

LONG TIME COMING

BHP said in June it would not go ahead with the Haju trial coal mine -- stage one of the Maruwai coal project -- because it did not fit with the miner's long-term investment strategy.

In September, BHP notified Indonesia's government about the joint venture option, Bambang Setiawan of the energy and mines ministry said.

"We are continuing to review our commercial options in relation to the Maruwai Coal Project, including potential full or part sale of our interests," BHP spokesman Peter Ogden said in an email to Reuters.

"We have sought further information on these sale options, through an expression of interest process involving a number of parties. That process is continuing." (Editing by Jacqueline Wong)