KTF to buy into Mobile-8 Telecom
KTF to buy into Mobile-8 Telecom
SEOUL: South Korea's second largest wireless operator KTF said on Tuesday it has signed a contract to acquire a 2.9 percent stake in Indonesia's PT Mobile-8 Telecom in return for a US$10 million investment.
With the investment, KTF will become the Indonesian company's preferred partner in its wireless Internet services. KTF has provided consultations on mobile services to PT Mobile-8.
KTF hopes to use its partnership with PT Mobile-8 as a foothold for its overseas businesses.
South Korean mobile carriers are seeking new businesses overseas because of competition in a domestic market saturated with 33 million mobile phone subscribers in a population of 48 million.--AFP
;DJ; ANPAf..r.. Unocal-Seno-oil Unocal to embark on West Seno project JP/16/brief
Unocal to embark on West Seno project
SINGAPORE: Unocal Corp. is set to embark on the second part of a two-phase West Seno oil and gas development project offshore East Kalimantan by early next year, said Andrew Buglass, a senior executive at Unocal Asia-Pacific Ventures Ltd.
Unocal will "start the process (of arranging the award of an engineering and procurement contract) in earnest early next year," Buglass said Tuesday.
Completion of the second and last phase of West Seno development is expected by 2005, he said, with oil production peaking at 60,000 barrels a day.
By Phase Two of West Seno development, gas output should peak at 150 million cubic feet a day, he added.
Buglass, vice president of Unocal's Asian project finance, was speaking on the sidelines of a power financing conference in Singapore.
The US$1-billion West Seno project in the Makassar Straits, Unocal's first deepwater project in Indonesia, is expected to yield 40,000 b/d of oil "shortly," Buglass said, declining to give an exact timeframe.
Unocal estimates reserves of around 300 million barrels of oil equivalent in its West Seno field, which it operates with a 90 percent interest. Its partner in West Seno, Indonesia's Pertamina, holds the remaining 10 percent. -- Dow Jones