Inpex, Petrobras plan tie-up

Sat, 02 Dec 2000 | Source: AFP

TOKYO (AFX-ASIA): Nissho Iwai Corp and Indonesia Petroleum Ltd (Inpex) have reached agreement with Brazil's Petrobras to help develop an offshore oil field near Rio de Janeiro.

The companies will spend a combined US$173 million to buy the drilling rights to obtain $20 million barrels of crude oil until end-June 2009.

Bank of Tokyo-Mitsubishi Ltd, Industrial Bank of Japan, Japan Bank for International Cooperation and the two companies will provide the financing for the development of the oil field.

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