Exploration

SHANGHAI, Aug 7: China’s Sinochem Corp., a state-owned oil trading conglomerate, said on Thursday it has entered into an agreement to explore oil and gas in two blocks in Indonesia.

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

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