Pertamina, Petronas to pay up to $650m for Shell's Masela gas stake

Pertamina, Petronas to pay up to $650m for Shell's Masela gas stake

PHILE PHOTO: A view of state-owned oil giant Pertamina's refinery unit IV in Cilacap, Central Java, Indonesia January 13, 2016. REUTERS/Darren Whiteside/File Photo

Indonesia’s Pertamina and Malaysia’s Petronas signed an agreement with Shell on Tuesday to buy its 35% stake in the Masela natural gas fields for up to $650 million, moving the project forward after years of delay.