TANGERANG, Indonesia -- Indonesian state oil company Pertamina and Malaysian counterpart Petronas signed an agreement on Tuesday to take over Anglo-Dutch oil giant Shell's stake in Indonesia's massive Masela gas block, including a project seen costing at least $19.8 billion to develop.
Commodities
Asian majors Pertamina, Petronas to pay $650m for Shell gas stake
European oil company sells interest in Masela block, including huge Abadi project
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Officials sign a deal on July 25 for Indonesian state oil company Pertamina and Malaysia's Petronas to take over Shell's stake in Indonesia's giant Masela gas block. (Courtesy of Pertamina)
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