Bakrie won?t divest oil and gas asset
Monday, February 18 2013 - 10:48 AM WIB
PT Energi Mega Persada, the oil and gas subsidiary of the Bakrie Group, insisted on Monday that it does not have any plan to divest any assets at present.
The firm made the statement in response to the report Monday on Bisnis Indonesia daily that it planned to divest its 10 percent stake in the Masela block to raise funds for the repayment of debts owed by its holding company Bakrie & Brothers. According to the report, the firm is seeking approval for the divestment from Japanese firm INPEX Corp. as the largest shareholder in the gas-rich block.
?At present, Energi Mega Persada does not have any plan for corporate action to sell assets/divest shares in any asset,? Herwin W. Hidayat, investor relation chief officer at the firm, told Petromindo.com in
Energi Mega has a 10 percent stake in Masela, while its partners INPEX Masela (operator) and Shell Upstream Overseas Services (I) Limited have 60 percent and 30 percent respectively.
Editing by Johannes Simbolon