Financial stocks also edged down after Lehman Brothers downgraded stocks in the sector. Mitsui & Co shed 4.27%, Mizuho declined 3.68% and Mizuho Trust & Banking plummeted 2.82%.

Inpex to spend $19.7 billion on LNG project in Indonesia

Bloomberg news reported today that Indonesia’s chairman of the regulator BPMigas R. Priyono said yesterday Inpex plans to invest $13.5 billion to develop the Masela gas reserves in the Timor Sea area and construct facilities to process and export fuel.

An additional $6.2 billion is earmarked for the operation of the plant. Last week Inpex said the company is in the process of confirming the field’s gas estimates through an independent audit.