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Strategies & Market Trends : Greater China Stocks -- Ignore unavailable to you. Want to Upgrade?

To: Julius Wong who wrote (377)	4/24/2003 10:18:47 PM
From: Julius Wong	Respond to of 8334

Petronas and PetroChina In another development, Petronas and PetroChina, in consultation with Indonesia's Pertamina, have in a 50:50 joint venture acquired Amerada Hess Indonesia Holdings Ltd (AHIH) for US$164mil. AHIH has a 30% interest in Indonesia’s Jabung block production sharing contract (PSC) and a 20% interest in the head of agreement (HOA) for the development of a project in Jabung to process and market liquefied petroleum gas (LPG) and light naphtha. “The joint acquisition signifies Petronas’ long-term commitment to continuously invest in and actively pursue commercial opportunities in Indonesia,” Petronas said. AHIH is one of the Indonesian subsidiaries of Amerada Hess Corp, a US-based independent energy company listed on the New York Stock Exchange. Petronas participated in the joint acquisition via subsidiary Petronas Carigali Jabung Ltd. Petronas and PetroChina already own a 30% stake each in the Jabung PSC, with PetroChina as the PSC operator. The remaining 10% stake in the PSC is owned by Pertamina. Petronas and PetroChina also have a 20% stake each in the HOA on the proposed LPG and naphtha project. biz.thestar.com.my