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CNPC and Pertamina to Develop Sudan Oil Block

07-03-2007

China's largest oil company, CNPC, and Indonesia's PT Pertamina have signed an agreement to co-develop a Sudanese offshore oil block, ignoring international efforts to isolate Sudan over the crisis in its Darfur region.

The agreement, which was signed in Sudan's capital, Khartoum, calls for a six-year exploration phase and shared future oil production under a 20-year concession. Sudan is among Beijing's key oil suppliers. It shipped 4.7 million metric tons of crude oil to China in January-May, a fivefold increase over the same period in 2006.

It is worth mentioning, however, that CNPC, parent company of Hong Kong and New York-listed PetroChina Co., is facing international pressure from foreign investors to reduce its involvement in Sudan.