China's Sinochem Lands Rights To Indonesian Blocks

Law360, New York (August 7, 2008, 12:00 AM EDT) -- Chinese state-owned Sinochem Corp. has reportedly agreed to purchase stakes in two oil and gas blocks for exploration in Indonesia.

The company has taken 20% and 40% stakes in two blocks located in south Sumatra, Merangin II Block and Belida Block, respectively, from private Indonesian oil producer Pt. Sele Raya, Agence France Presse reported Thursday.

The two energy companies finalized the deal July 22 without giving any additional information as to the financial arrangement, according to Agence France.

"It is the first time that Sinochem acquires...
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