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Sumitomo to buy oil/gas fields in Indonesia.(Corporate Investment)(Brief Article)
Indonesian Investment Highlights, February, 2004
Sumitomo to buy oil/gas fields in Indonesia. Sumitomo Corp will acquire oil fields in Indonesia before 2005 to compete with China in securing energy supply. Sumitomo also plans to acquire oil and gas fields in a number of oil and gas fields in Australia. The company has set aside 90 billion yens (US$831 million) for that purpose in Australia before 2005 and 40 billion yens in Indonesia and Middle East.
Recently Sumitomo formed an alliance with Mitsubishi Corp and Mitsui & Co. to increase its stake in the Tangguh LNG project in Indonesia and similar project in Malaysia.
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