Genting to sell RI stake

Genting to sell RI stake

KUALA LUMPUR (Dow Jones): Malaysian diversified company Genting Bhd. will sell through a subsidiary part of its interests in a natural gas field in eastern Indonesia, according to a statement received Friday.

Genting's unit Cairns Limited has agreed to sell 2.37 percent of its interests in the Muturi Production Sharing Contract in Irian Jaya to Nissho Iwai Corporation of Japan, the statement said.

Cairns partner BG Exploration and Production Ltd. is planning to sell a 2.63 percent stake in Muturi. This will reduce Cairns' stake in the field to 45 percent and BG Exploration's to 50 percent, with Indonesia Natural Gas Resources Muturi holding the remaining 5 percent.

In July 1998, an independent petroleum engineering firm certified the proven and probable reserves for the block as 3.8 trillion cubic feet of gas.