Taiwan's oil deals with RI

Taiwan's oil deals with RI

TAIPEI (Reuter): Taiwan's state-run Chinese Petroleum Corp
said yesterday it would sign three contracts for two oil units
and one oil exploration project with Indonesia yesterday.

Under the oil unit contracts, CPC will build an asphalt unit
with estimated investment of U$24 million and invest U$50 million
to build a lubricating oil unit in Indonesia, a CPC official
said.

Under the oil exploration agreement, CPC will be allowed to
explore crude oil in a yet to be decided Indonesian area. It was
not clear whether it is a joint exploration project.

The contracts will be signed by CPC chairman Chang Tzu-ennui
and Indonesia officials in Indonesia.