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FEDERAL International said on Thursday that it has signed a memorandum of understanding with China Merchants Industry Holdings (CMIH) to cooperate exclusively on oil and gas projects in Indonesia.
Federal is a mainboard-listed service provider in the oil and gas, energy, utilities and infrastructure industries.
CMIH is a wholly owned subsidiary of the China Merchants Group, a state-owned China conglomerate headquartered in Hong Kong that is engaged in businesses including energy, transportation, marine engineering, finance, and real estate.
Federal added that the company and CMIH are currently in talks with various Indonesian parties on a number of identified projects.