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Cash-rich GSS Energy moves towards oil production

It is in the process of submitting budget to Pertamina; once approved, it will look for contractors to develop oil field

The company has committed to spend US$7.8 million within three years, which will come from its cash reserves of about S$14 million, says Mr Yeung.


IN SPITE of the bloodbath in the oil exploration and the offshore and marine sectors, precision engineering firm GSS Energy is moving ahead with its plans to produce oil in Indonesia - armed with an enormous cash hoard to buffer against the volatility in oil prices.


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