Straits enters oil, gas business

Singapore Exchange-listed firm Straits Asia Resources Limited announced on Monday its entrance into the oil and gas sector, and the appointment of former Indonesian Coordinating Minister for Finance & Economy Dr Rizal Ramli as Chief Executive of its new oil and gas subsidiary.

?Our commercial strategy is to identify and develop fields that are past or present oil or gas producers and by redeveloping such fields, the risk profile is significantly reduced and investments can be more accurately judged and controlled,? the company said.

Straits Asia Group expects to tender on these oil and gas enhancement recovery projects in Indonesia by mid-2007 and to review opportunities in other Asian countries including Vietnam, Myanmar and Papua New Guinea, it said.

Straits is currently running a coal mine in Sebuku island, South Kalimantan, with 2007 production projected to reach 4 million tonnes.(alex)