Dow Jones
\nTokyo<\/p>\n
Mitsubishi Corp. has decided to sell a 44 percent stake in its
\nnatural gas exploration rights in Indonesia to Inpex Corp.,
\nformerly known as Indonesia Petroleum Ltd., for about 26 billion
\nyen (about US$214 million), sources close to the matter said, the
\nNihon Keizai Shimbun reported in its Thursday evening edition.<\/p>\n
The two companies have already set up a joint venture, in
\nwhich the trading giant owns a 56 percent interest and Inpex the
\nremainder, to promote natural gas development in the Southeast
\nAsian nation, the Nikkei said.<\/p>\n
The sale will be completed by the end of November with the
\ntransfer of the purchased rights to the joint firm.<\/p>\n
The venture will process natural gas into liquefied natural
\ngas for export to Japan, China and South Korea, the sources said.<\/p>\n
Mitsubishi's natural gas field has confirmed reserves of 14.4
\ntrillion cubic feet, the second largest in the world after
\nRussia's Sakhalin field, which boasts 15 trillion cubic feet in
\nconfirmed reserves.<\/p>\n
Mitsubishi acquired a concession equal to 16.3 percent of the
\nentire field from Occidental Petroleum Corp. of the U.S. for
\nabout 60 billion yen in July.<\/p>\n
Among the other concession holders is British Petroleum. Total
\ninvestment in the gas field by all concession holders is expected
\nto reach some 300 billion yen, the Nikkei reported.<\/p>\n
Inpex was anxious to secure new natural gas development
\nrights, as its existing oil and natural gas concessions in
\nIndonesia are due to expire in 2017.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/bdow-jonesb-1447899208",
"image": ""
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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