Michihisa Shinagawa, Sumitomo's general manager (energy division) revealed that the company would spend around 30 billion yen for three stakes in Indonesia & Australia, 20 billion yen for investments in the North Sea oil fields and 40 billion yen for gas fields in Indonesia and the Middle East.
"Our aim in buying these stakes is to sell the products through our trading network," Shinagawa told the Bloomberg news agency.
An unnamed Sumitomo spokesperson confirmed, "the spending would increase this fiscal year and the next from the previous two fiscal years." The size of the increase was not divulged.
