Archive for December 2010

Pertamina, ExxonMobil to develop E. Natuna block

Saturday, December 4, 2010 · Posted in

State oil and gas company PT Pertamina says it appointed US-based ExxonMobil to explore its Natuna D Alpha gas block in East Natuna, Riau Province.

The companies signed an agreement on Friday to develop the block witnessed by Energy and Mineral Resources Minister Darwin Z. Saleh.

“Exxon is one of the partners. Pertamina will look for other partners based on an on-going shortlist process,” Darwin said as quoted by Antara news service.

Darwin said the government would use gas from the block to meet domestic demand.

ExxonMobil Exploration Asia-Pacific/Middle-East vice president Mike Cousins said that the agreement was the first step to develop gas and oil commercialization in the East Natuna block.

“We are waiting for negotiation and to cooperate with Pertamina to maximize Natuna’s development.” Cousins said.

Samsung promotes chairman's son to president

· Posted in

The son of Samsung Electronics Co. Chairman Lee Kun-hee has been promoted to president in a reorganization of top management posts at the huge conglomerate the giant company anchors.

Samsung Group said Friday in a statement that Lee Jae-yong would move up from executive vice president at Samsung Electronics and would retain his other current position of chief operating officer.

Samsung Electronics is a major force in the global electronics industry, where it holds the top spots in memory chips and flat screen televisions and ranks No. 2 in mobile phones behind Finland's Nokia Corp.

The company is also is the flagship corporation of the Samsung Group conglomerate, which consists of dozens of other businesses including shipbuilding, construction, leisure and finance.

Samsung Electronics Chairman Lee Kun-hee's father founded the Samsung Group. The move to promote Lee Jae-yong, who also goes by Jay Y. Lee, was widely expected after Lee Kun-hee, 68, said last month that his son was set to move up the ranks.

The promotion of Lee Jae-yong as well as of other executives was an "organizational realignment to better prepare for the future in the rapidly changing business environment of the 21st century," the statement said.

Lee Jae-yong "is expected to continue to strengthen the competitiveness of Samsung's strategic businesses and to lay the foundation for Samsung's future new growth businesses," the statement said.

The younger Lee replaces Choi Gee-sung as president though Choi remains chief executive officer. Choi was also promoted to vice chairman of Samsung Electronics.

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