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.