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