Continental Energy sets up new oil, gas downstream unit in RI
Friday, September 22 2017 - 01:33 AM WIB
Canada?s Continental Energy Corporation, an emerging developer of small scale refineries integrated with local crude oil feedstock production, announced that it has received a foreign direct investment license from the Indonesian Investment Coordinating Board (BKPM).
Continental said in a statement on Thursday that the license permits the company to incorporate PT Continental Hilir Indonesia (PT-CHI), a new, foreign owned, limited liability subsidiary company in Indonesia. PT-CHI will be charged with the task of creating new business opportunities for the company within the "downstream" oil and gas sector in Indonesia.
Continental said that through PT-CHI, the company shall offer management consulting services and joint venture opportunities to local Indonesian crude oil producers, regional investors, and the energy infrastructure development enterprises of regency or provincial level governments.
Company director, Karsani Aulia, will head up the new unit as its President, Director and CEO, and he said "Establishing PT-CHI gives Continental Energy the ideal Indonesian business operating platform. We have already identified several promising downstream opportunities and now with PT-CHI, we have the vehicle through which we can take action to tie them up and bring them to fruition."
Editing by Reiner Simanjuntak