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