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Home  >>   Daily News  >>   Indonesia News  >>   Energy  >>   Pertamina bids $3.5 billion for Exxon’s Angola stake
NEWS UPDATES Asean Affairs        10  May 2011

Pertamina bids $3.5 billion for Exxon’s Angola stake

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PT Pertamina bid about $3.5 billion for Exxon Mobil Corp.’s 25 percent stake in an Angolan oil block, surpassing an offer from a Chinese rival, news sources report.

The Indonesian state energy company is holding talks with Exxon on the stake after beating off competition from China Petrochemical Corp., known as Sinopec Group, and India’s Oil and Natural Gas Corp., the newspaper said, citing the person.

The former member of the Organization of Petroleum Exporting Countries is seeking oil resources to stem a decline in domestic production, while China and India are buying stakes in overseas projects to meet demand in the two fastest-growing major economies. Angola, which vies with Nigeria as Africa’s top oil producer, pumped 1.625 million barrels a day last month.

ONGC lost a bid to buy Exxon’s stake in Block 31 in Angola, two people with knowledge of the matter said in March. India’s biggest energy explorer had offered about $2 billion, they said.


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ASEAN  ANALYSIS

This year in Thailand-what next?

AseanAffairs   04 January 2011
By David Swartzentruber      

It is commonplace in journalism to write two types of articles at the transition point between the year that has passed and the New Year. As this writer qualifies as an “old hand” in observing Thailand with a track record dating back 14 years, it is time take a shot at what may unfold in Thailand in 2011.

The first issue that can’t be answered is the health of Thailand’s beloved King Bhumibol, who is now 83 years old. He is the world's longest reigning monarch, but elaborate birthday celebrations in December failed to mask concern over his health. More

 

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