Agreement between MedcoEnergi and Puma Energy sealed

Puma Energy LLC has completed the purchase of 63.88 percent of PT Medco Sarana Kalibaru (MSK), the fuel storage and distribution subsidiary of publicly listed energy company PT Medco Energi Internasional for US$36 million.

Puma is a global midstream and downstream energy company.

The new venture, called PT Puma Medco Petroleum, started trading Tuesday with around sixty staff to deliver high quality fuel products to clients throughout Indonesia.

The company?s principal assets currently include a fuel storage facility in Tanjung Priok International Port, North Jakarta and distribution capabilities in Kalimantan and Sumatra to serve the mining industry.

?PT Puma Medco Petroleum is well positioned to become a significant fuel trading and distribution business in Indonesia, benefiting customers, employees and other stakeholders,? said Lukman Mahfoedz, President Director and CEO of MedcoEnergi.

?The proceeds of the transaction will remain in PT Puma Medco Petroleum and will be used to grow the business and develop distribution capabilities across Indonesia."

Budi Basuki, Director and Chief Operating Officer for Power, Mining & Downstream for MedcoEnergi has been appointed as President Commissioner of PT Puma Medco Petroleum.

Editing by Dadan Wijaksana