Exspan signs cooperation agreement with employees

PT Exspan, a subsidiary of the Medco Group, has signed a cooperation agreement with its employees. The agreement would be affective until year 2002, and would be revised by then.

PT Medco Energy Corp. president John Sadrakh Karamoy said that in this era of reform, such a cooperation agreement with employees could not be avoided anymore and the company had to accept this as an undeniable fact.

"This is a good momentum. We respect labor union and respect any cooperation between the management and the employees," he said on Tuesday.

Karamoy said that the establishment of such a cooperation agreement between the company and its employees should be followed by other companies under the Medco Group.

Expan becomes the second oil company in the country after Kondur Petroleum that has signed cooperation agreement with its employees. (*)