Sinochem: Hunts for Assets Overseas

Via Energy Daily, news that China’s Sinochem Corp., a state-owned oil trading conglomerate, has entered into an agreement to explore oil and gas in two blocks in Indonesia. As the article notes:

“…Sinochem has bought a 20-percent working interest in Merangin II Block and a 40-percent stake in Belida Block, both in oil-rich south Sumatra, from Pt. Sele Raya, a private oil firm, the Chinese firm said in a statement.

“…It is the first time that Sinochem acquires pure exploration assets overseas,” Han Gensheng, vice president of Sinochem, said in a statement.

“We are confident that the cooperation between Pt. Sele Raya and Sinochem will realise the high exploration potential in Merangin Block and Belida Block,” Han said.

…Sinochem has bought into overseas oil and gas projects in countries such as Ecuador, Tunis and United Arab Emirates since it started overseas exploration operations in 2002, it said earlier this year.

It also acquired Soco Yemen Pty, which owned oil assets in Yemen, for 465 million dollars in April from British company Soco International PLC, according to a Chinese government statement.”

This entry was posted on Friday, August 8th, 2008 at 12:46 pm and is filed under China, Indonesia.  You can follow any responses to this entry through the RSS 2.0 feed.  Both comments and pings are currently closed. 

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