CNOOC says no plan to buy Medco
Tuesday, April 20 2004 - 05:44 AM WIB
CNOOC Ltd said on Tuesday it had no plans to buy into Indonesia's largest listed oil and gas firm, PT Medco Energi Internasional, Reuters reported
"We are not reviewing the case," CNOOC Chief Financial Officer Mark Qiu told Reuters, denying a mainland Chinese media report on Monday that CNOOC intended to purchase a 17.1 percent stake in Medco.
CNOOC has received phone calls from investors, who asked it to clarify the report, Qiu told Reuters by telephone from Beijing.
Medco has been studying the possibility of raising its bid to buy Australian oil and gas producer Novus Petroleum Ltd in a hostile takeover.
CNOOC has bought stakes in Indonesia's oil and gas fields, including BP Plc's Tangguh gas field, as well as natural gas development projects in Australia.(*)