SPC and Pertamina to collaborate

Singapore Petroleum Company Ltd. (SPC) signed an agreement in November to strengthen its collaboration with Indonesia’s state oil and gas company PT Pertamina, promising up to US$1 billion for joint exploration and production projects over the next five years. According to Pertamina President Director Ari Soemarno, the memorandum of understanding (MoU) signed by Energy and Mineral Resources Minister Purnomo Yusgiantoro, Minister for State Enterprises Sugiharto, and Singapore Trade and Industry Minister Lim Hng Kiang underlines the commitment of the two companies to work together on the exploration, development and bringing to production of oil and gas projects both in Indonesia and overseas. The investment could positively influence SPC’s pending downstream license application, which it applied for in early 2006. (November 6, 2006)