Eric Watkins
Senior Correspondent
LOS ANGELES, Aug. 8 -- China's state-owned Sinochem Corp. has signed an agreement with independent Indonesian firm Pt. Sele Raya to explore for oil and natural gas on two onshore blocks in Indonesia.
Sinochem, which did not report any investment figures, said it bought a 20% stake in the Megrangin II block and a 40% stake in Belida block, both in southern Sumatra.
Sinochem Vice-Pres. Han Gensheng said the purchases mark his firm's first-ever acquisition of "pure exploration assets overseas." Another company executive said work undertaken so far shows that the blocks contain condensate and natural gas.
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