PETRONAS ACQUIRES AMERADA HESS’ INTEREST IN JABUNG

PETRONAS and PetroChina, in consultation with PERTAMINA, have in a joint exercise acquired the entire share capital of Amerada Hess Indonesia Holdings Limited (AHIH) for US$164 million. AHIH is one of the Indonesian subsidiaries of Amerada Hess Corporation, a US-based independent energy company listed on the New York Stock Exchange. PETRONAS participated in the joint acquisition via subsidiary PETRONAS Carigali Jabung Ltd.AHIH has a 30 per cent interest in Indonesia’s Jabung Block Production Sharing Contract (PSC) and a 20 per cent interest in the Heads of Agreement (HOA) for the development of a proposed project in Jabung, Indonesia to process and market liquefied petroleum gas (LPG) and light naphtha.

PETRONAS and PetroChina already have a 30 per cent interest each in the Jabung Block PSC, with PetroChina as the PSC Operator. The remaining 10 per cent stake in the PSC is owned by PERTAMINA. Both PETRONAS and PetroChina also have a 20 per cent stake each in the HOA on the proposed LPG and naphtha project, with the remaining equity held by PERTAMINA (20 per cent) and Itochu Corporation (20 per cent). Subsequent to the joint acquisition, PETRONAS and PetroChina are finalising with PERTAMINA the terms under which PERTAMINA will increase its participation in the Jabung Block PSC.

The joint acquisition signifies PETRONAS’ long-term commitment to continuously invest and actively pursue commercial opportunities in Indonesia.

Apart from the Jabung Block PSC, PETRONAS’ other upstream interests in Indonesia include Tanjung Jabung, which is located next to the Jabung Block; Ketapang Block and Karapan Block, located offshore East Java; and Tanjung Aru Block, located offshore Kalimantan.

Issued by
Media Relations & Information Department

Apr 24, 2003OffshoreMan

Source link