National oil company Petronas today said it had joined with China's PetroChina to buy an energy company in Indonesia for RM623.2 million (US$164 million).

The state-owned Petroliam Nasional Bhd (Petronas) said it had joined with China's biggest oil firm PetroChina to take over Amerada Hess Indonesia Holdings Ltd. (AHIH).

AHIH is o­ne of the Indonesian subsidiaries of Amerada Hess Corp, a US-based independent energy company listed o­n the New York Stock Exchange, Petronas said in a statement.

AHIH has a 30 percent interest in the Jabung Block Production Sharing Contract (PSC) and a 20 percent interest to develop a proposed project in Jabung, in East Java to process and market liquefied petroleum gas and light naphtha.

Petronas and PetroChina already have a 30 percent interest each in the Jabung Block. The remaining 10 percent stake Indonesian state oil firm Pertamina.

Petronas said the joint acquisition signifies its long-term commitment to invest in Indonesia. It also has other upstream oil interests in Indonesia including the Tanjung Aru Block, located offshore of Kalimantan o­n Borneo island. AFP