Kerr-McGee sells Indonesian oil, gas interests to Petronas
Friday, June 14 2002 - 02:05 AM WIB
US based oil company Kerr-McGee Corp. announced on Thursday that its subsidiary had sold the outstanding capital stock of KM Indonesia, Ltd. to y Petronas Carigali Overseas Sdn Bhd, subsidiary of Malaysian national oil company Petronas for US$170 million.
According to Kerr-McGee, the proceeds will be used to reduce debt. The sale includes the company's 30 percent non-operating interest in the Jabung block, a gas producing block in Jambi province.
"This transaction is part of our long-term strategic plan to rationalize non-core assets and focus on growth in our core areas," said Luke R. Corbett, Kerr-McGee chairman and chief executive officer. "We will continue to review our asset portfolio to maximize shareholder value."
Kerr-McGee Corp. is an Oklahoma City-based energy and inorganic chemical company with worldwide operations and assets of more than $11 billion. (alex)