Pertamina opens office in Iraq

Pertamina opens office in Iraq

JAKARTA: Indonesia's national oil and gas company Pertamina
opened an office in Iraq last month and expects to start oil and
gas exploration in the country early next year, an official said
on Monday.

Pertamina's President Director Ariffi Nawawi told reporters
the company will invest around US$20 million during the
exploration stage.

Last year, Iraq's former government awarded Pertamina the
Western Desert block, which is estimated to have 3 million
barrels of crude oil.

The U.S.-led military invasion into Iraq that toppled Saddam
Hussein delayed Pertamina's plan to start exploration in the
country in March.

Pertamina is also keen on exploring the Tuba Block, which is
estimated to hold larger oil reserves than the Western Desert
Block. --Dow Jones

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Brief-China-Germany
Metro to open 40 stores in China
JP/14/brief2

Metro to open 40 stores in China

SHANGHAI: Metro AG, the German retail and distribution giant,
said Monday it will press ahead with plans to invest 600 million
euros (US$700 million) to open 40 stores across China in the next
five years.

The expansion will add significantly to the company's existing
18 outlets in the east and northeast of the country, while
tripling its total investment in China.

"Shanghai (gross domestic product) is forecast to grow more
than 11 percent this year ... and it shows the potential for
Shanghai especially but also China," company chairman Hans-
Joachim Koerber said at a briefing.

Metro, the world's fifth largest retailer, recorded 600
million euros in sales in China last year although operations
overall have yet to net profits, he said.

Competition, however, promises to remain stiff as Wal-Mart
Stores has piled in with 26 outlets in China, while French
retailer Carrefour has opened 39. -- AFP