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View all search resultsPertamina may cancel acquisition in Angola
JAKARTA: State oil and gas firm PT Pertamina president director Karen Agustiawan said on Thursday that her company might cancel the plan to purchase a 25 percent stake in the Area 31 oil and gas block in Angola
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J
AKARTA: State oil and gas firm PT Pertamina president director Karen Agustiawan said on Thursday that her company might cancel the plan to purchase a 25 percent stake in the Area 31 oil and gas block in Angola.
She revealed that one of the current shareholders in the block had expressed its interest in acquiring the stake offered by US-based ExxonMobil. If that happened, she added, Pertamina would have to withdraw its offer.
“I’ve just heard about it, but it’s not yet official. I’m still waiting for official confirmation,” she explained.
As in many other countries in the world, Angola implements “first right of refusal” which means that existing shareholders in a block have the first option buy stakes offered by other shareholders.
Pertamina was the highest bidder for the 25 percent stake with a value of US$3.5 billion. The block is expected to begin production in 2012.
