Santos signs gas MOU with KL<\/p>\n
JAKARTA: Australian oil and gas company Santos Ltd. has signed
\na memorandum of understanding (MOU) with Malaysia's state-owned
\noil and gas company Petroliam Nasional Bhd. (Petronas) and
\nIndonesia's Pertamina.<\/p>\n
Sidick A. Nitikusuma, the spokesman for the country's oil and
\ngas upstream authority, Balak, confirmed the memorandum.<\/p>\n
He said the MOU was signed last Thursday at the Tampak Siring
\npresidential palace in Gianyar, Bali, on the sidelines of a
\nceremony officially marking the first delivery of natural gas
\nfrom Indonesia to Malaysia.<\/p>\n
Santos, Pertamina and Petronas are negotiating a 20-year
\ncontract to supply gas from onshore gas fields in southern
\nSumatra in Indonesia to Malaysia.<\/p>\n
The gas fields include the Bentu production-sharing contract
\noperated by Santos.<\/p>\n
The financial details of the MOU were not disclosed, but
\nSantos managing director John Ellice-Flint told Dow Jones on
\nMonday that under the existing agreement, which is expected to be
\nformalized by the end of this year, gas supplies were scheduled
\nto begin early 2005. -- JP<\/p>\n
;Agencies;
\nANPAf..r..
\nCorporateBrief-Indofood
\nIndofood off to hefty profit
\nJP\/14\/Brief<\/p>\n
Indofood off to hefty profit<\/p>\n
JAKARTA: PT Indofood Sukses Makmur, the world's largest
\ninstant noodle maker, said Monday net profit more than doubled to
\nRp 571.1 billion in the first half, mostly due to foreign
\nexchange gains.<\/p>\n
The local currency rose against the dollar to an average of Rp
\n9,499 in the first half, from Rp 10,643 in the year-earlier
\nperiod, Indofood's president director Eva Riyanti Hutapea said in
\na statement.<\/p>\n
This resulted in net foreign exchange gains of Rp 317.4
\nbillion, compared with losses of Rp 366.6 billion in the first
\nhalf of 2001.<\/p>\n
The company reported net profit of Rp 217.2 billion in the
\nfirst half of last year.<\/p>\n
The sharp increase also was due to new accounting principles
\nfor derivative instruments and hedging activities, which were
\nimplemented in January 2001, Indofood said.<\/p>\n
Without the implementation of the accounting standard, the
\nincrease in net profit would have been 62 percent, it said. --
\nDow Jones<\/p>\n
;Agencies;
\nANPAf..r..
\nCorporateBrief-CPC-Australia
\nCPC to explore oil in Australia
\nJP\/14\/Brief<\/p>\n
CPC to explore oil in Australia<\/p>\n
TAIPEI: Taiwan's state-owned Chinese Petroleum Corp. (CPC) is
\nnegotiating to acquire rights to explore oil reserves in
\nnorthwest Australia as part of moves to diversify its supply,
\ncompany officials said Monday.<\/p>\n
A contract with an Australian firm will be signed to give CPC
\nthe exploration rights for the block, a company spokesman told
\nAFP.<\/p>\n
But he declined to provide name of the Australian firm or
\ndetails of the location of the exploration site, saying details
\nwere still under negotiation.<\/p>\n
The Australian project is part of CPC's five-year, NT$15
\nbillion (US$442.2 million) exploration plan, the spokesman said.<\/p>\n
The company's five-year program includes oil and natural gas
\nexploration in Taiwan and six other overseas areas, including
\nBrazil and Canada, he said.<\/p>\n
CPC, which controls 75 percent of the domestic oil market,
\nalready has joint venture operations in Ecuador, Venezuela, and
\nIndonesia. -- AFP<\/p>\n
;Agencies;
\nANPAf..r..
\nCorporateBrief-Beijing-Sony-Ericsson
\nSony Ericsson to expand to China
\nJP\/14\/Brief<\/p>\n
Sony Ericsson to expand to China<\/p>\n
BEIJING: Mobile phone maker Sony Ericsson is to invest 40
\nmillion euros (US$39 million) in operations in China and will
\nmassively increase production of handsets in the country, it said
\nMonday.<\/p>\n
The money will go on establishing a research and development
\ncenter in China as well as forming a holding company, Sony
\nEricsson Mobile Communications Ltd. said at the launch of its
\nChinese operation.<\/p>\n
The firm said it also plans to expand capacity at two of
\nEricsson's handset plants -- operated in joint ventures with
\nlocal partners -- in Beijing by 50 percent to meet growing demand
\nlocally and around the world.<\/p>\n
China now has around 170 million mobile subscribers, making it
\nthe world's biggest mobile market.<\/p>\n
The Japanese-Swedish joint venture will also launch a major
\nadvertising campaign in coming weeks to promote several new Sony
\nEricsson handsets to be introduced into the Chinese market. --
\nAFP<\/p>\n
;Agencies;
\nANPAf..r..
\nCorporateBrief-Fuji-closes-HK-office
\nFuji TV closes HK office
\nJP\/14\/Brief<\/p>\n
Fuji TV closes HK office<\/p>\n
HONG KONG: One of Japan's largest private television networks
\nFuji Television Network closed its Hong Kong office Monday in a
\nbid to slash costs and focus resources on its Beijing office, a
\ncompany official said Monday.<\/p>\n
The official confirmed to AFP that it had closed Monday. \"We
\nclosed the Hong Kong office to cut costs and because Hong Kong no
\nlonger has any news.\"<\/p>\n
The number of foreign media organizations in Hong Kong has
\nfallen from around 180 in 1997 to a little over 100.<\/p>\n
Several local and foreign firms, including media companies,
\nhave announced planned jobs cuts and pay freezes this year amid a
\ndeepening economic downturn in Hong Kong, with the jobless rate
\nsoaring to 7.7 percent. --AFP<\/p>",
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