Petronas to invest $100m in RI

Petronas to invest $100m in RI

JAKARTA: Malaysian state gas and oil company Petroliam
Nasional Bhd (Petronas) plans to expand its businesses in
Indonesia by investing US$100 million this year.

Petronas chairman and chief executive officer (CEO) Tan Sri
Dato Sri Mohd Hasan Marican said on Thursday that the investment
would be allocated for strengthening the company's upstream and
downstream businesses here.

"The investment will be mostly allocated for oil and gas
exploitation activities," he said after meeting with President
Susilo Bambang Yudhoyono.

At present, Petronas produces about 20,000 barrels per day of
oil and 2,000 tons of liquefied packed gas from its eight
concessions in Indonesia.

Aside from the upstream activities, the company has also
intensively engaged in the oil and gas downstream sector by
initially producing lubricants, before expanding to the gas
station business.

"We are still waiting for the Indonesian government's approval
to open gas stations. We have proposed it two years ago and
expect the approval this year," said Marican. -- JP