Jambi forms joint venture with Russian and Chinese oil firms

The Jambi provincial administration has set up a joint venture with the Russian, Chinese, Malaysian and Indonesian firms to become a partner for foreign investors interested to doing business in the province, Kompas daily reported on Thursday.

The paper quoted the province?s development planning office head Firwan Tan as saying that the joint venture called PT Jambi Energi International Corporation/JIEC had a foreign company status.

It would be proposed for foreign investors interested to cooperating with a "local" partner in doing business in the province.

The paper said the Malaysian partner in the joint venture is Sikap Group and the Indonesian partner is Aldiron Group.

The Russian and Chinese partners are both oil firms, the paper said, but it did not identify them. (*)