China's Sinochem secures exploration deal in Indonesia

Sumatra.

by Staff Writers
Shanghai (AFP) Aug 7, 2008
China's Sinochem Corp., a state-owned oil trading conglomerate, said Thursday it has entered into an agreement to explore oil and gas in two blocks in Indonesia.

Sinochem has bought a 20-percent working interest in Merangin II Block and a 40-percent stake in Belida Block, both in oil-rich south Sumatra, from Pt. Sele Raya, a private oil firm, the Chinese firm said in a statement.

The deal was completed on July 22, it said, without providing any financial details.

"It is the first time that Sinochem acquires pure exploration assets overseas," Han Gensheng, vice president of Sinochem, said in a statement.

"We are confident that the cooperation between Pt. Sele Raya and Sinochem will realise the high exploration potential in Merangin Block and Belida Block," Han said.

Chinese companies are increasingly looking overseas for commodities including oil, gas and iron ore to fuel the country's rapid economic expansion.

Sinochem has bought into overseas oil and gas projects in countries such as Ecuador, Tunis and United Arab Emirates since it started overseas exploration operations in 2002, it said earlier this year.

It also acquired Soco Yemen Pty, which owned oil assets in Yemen, for 465 million dollars in April from British company Soco International PLC, according to a Chinese government statement.

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