Singapore?s Interra, Citigroup form SPV to acquire Indonesian oil, gas interests
Friday, March 11 2005 - 10:23 AM WIB
Singapore firm Interra Resources Limited announced on Friday that it, together with Citigroup Financial Products Inc. had on 9 March 2005 set up a special purpose vehicle company (SPV) in The Netherlands with the name of ?Orchard Energy Holding Java & Sumatra B.V.? to carry out their plan to acquire interests in Indonesian oil and gas blocks.
Interra and Citigroup each has 50 percent shares in the SPV.
Interra and Citigroup plan to buy Mitsubishi?s non-operating interest interests in BP-operated ONWJ PSC and CNOOC-operated SES PSC, both are located in offshore western part of Java for US$48 million. (alex)