Unocal to invest US$700 million in three years
Friday, March 17 2000 - 04:00 AM WIB
Oil and gas company Unocal Indonesia said it would invest US$700 million in the next three years for the exploitation of the country's first deepwater oil and gas field, Bisnis Indonesia reported.
East Kalimantan Unocal Indonesia Company's general manager Robert M. Hinkel said in statement the investment would be conducted in cooperation with state oil and gas company Pertamina.
"We have spent more than $100 million per month over the past three years in oil and gas business for the oil and gas exploration in East Kalimantan's deepwater. At present, we have prepared more than $700 million in new investment," Hinkel said.
The new investment would help provide job opportunities and income for Indonesia for the long term in the future, Hinkel said, adding 95 percent of 2,000 workers of Unocal were local people.
Unocal Indonesia's vice president for government relations and external affairs Hardjono Dhanutirto expected the Indonesian Forum for Environment (Walhi) to understand the presence of the company in East Kalimantan. (*)