Malaysia, China to buy RI's AHIH

Malaysia, China to buy RI's AHIH

KUALA LUMPUR: Malaysia's Petronas said on Thursday it had joined
with China's PetroChina to buy an energy company in Indonesia for
US$164 million.

Malaysian state-controlled oil company Petroliam Nasional Bhd
(Petronas) said the company it had joined with China's biggest
oil firm PetroChina to take over Amerada Hess Indonesia Holdings
Ltd. (AHIH).

AHIH is one of the Indonesian subsidiaries of Amerada Hess
Corp, a U.S.-based independent energy company listed on the New
York Stock Exchange, Petronas said in a statement.

AHIH has a 30 percent interest in the Jabung Block Production
Sharing Contract (PSC) and a 20 percent interest to develop a
proposed project in Jabung, in East Java to process and market
liquefied petroleum gas and light naphtha.

Petronas and PetroChina already have a 30 percent interest
each in the Jabung Block. The remaining 10 percent stake
Indonesian state oil firm Pertamina. --AFP