Company Briefs : Coca-Cola


Coca-Cola and Chinese dairy firm Mengniu have signed a deal to become joint sponsors of the Olympic Games from 2021 to 2032, International Olympic Committee (IOC) chief Thomas Bach announced yesterday.

Neither the IOC nor the two companies involved disclosed the size of the deal, reported Agence France-Presse, but the agreement is the first ever joint partnership under The Olympic Partners (TOP) programme, the highest level of Olympic sponsorship, Mr Bach said.

"Having our longest-standing partner, Coca-Cola, an iconic American brand, together with a young Chinese company, Mengniu, joining hands under the roof of our Worldwide TOP Programme is a great example of the unifying power of the Olympic spirit," said Mr Bach.

"This partnership will give another dimension to the promotion of the Olympic values around the world."

The agreement was unveiled in Lausanne ahead of the opening of the IOC session yesterday in which the IOC will choose the host city for the 2026 Winter Olympics, with two candidates in the running: Milan/Cortina in Italy and Sweden's Stockholm/Are.

Rex International

Rex International's 90 per cent-owned subsidiary Lime Petroleum inked an agreement on Friday with DEA Norge to acquire 30 per cent interest in each of two drilling licences, PL838 and PL838B, in the Norwegian Sea, the oilfield services firm said in a bourse filing yesterday.

The transfer of the interests is pending regulatory approval, with exploration drilling on the licences expected in the fourth quarter.

The operator PGNiG has a 40 per cent interest, while Aker BP holds the remaining 30 per cent interest in the licences.

The licences are located in the Donna Terrace area of the Norwegian Sea. PL838 contains the Shrek prospect with the main target in the Middle Jurassic Garn Formation, a high-quality oil reservoir at a depth of approximately 2,000m, said Rex.

Drilling in the Shrek prospect is expected to commence at the start of October and will take about 24 days.

The planned well targets multiple prospective horizons, and the group believes these potential drilling areas have positive assessments from its proprietary de-risking tool, Rex Virtual Drilling.

A version of this article appeared in the print edition of The Straits Times on June 25, 2019, with the headline 'Company Briefs'. Print Edition | Subscribe