Key West enters Indonesia upstream sector

Malaysian firm Key West Global Telecommunications Bhd and Maryland International Offshore Ltd have acquired Manjung Niaga Sdn Bhd (MNSB) for US$52.5 million as part of the Key West's plan to position itself as an oil and gas player.

Key West executive director Stephen Ng said on Wednesday as quoted by a Malaysian media that MNSB owns 95% of PT Formasi Sumatera Energi (PT FSE) which in turn owns a 15-year joint operational right to reactivate and optimise the production of petroleum resources in the Tanjung Tiga Timur field in South Sumatra, Indonesia.

The group, which initially was focused on the telecommunications industry, had recently disposed of its telco divisions and is now positioning itself as an oil and gas player.