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

;AFP; ANPAf..r.. 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