Medco allocates US$37.34 million for dividend

Publicly listed oil and gas firm PT Medco Energi Internasional Tbk announced Friday that the Annual General Meeting of Shareholders had approved a dividend for 2005 financial year of US$ 0.0112 per share, equivalent to US$37.34 million or about nearly half of the company?s net profit in 2005.

Medco said the meeting also appointed former Governor of Bank Indonesia, Arifin Siregar, as the new President Commissioner to replace John Sadrak Karamoy.

Medco, holds working interests in various exploration and production blocks in Indonesia and overseas, produced around 57,040 barrels of oil per day and 136.20 million cubic feet per day of natural gas last year.

The company also owns and operates onshore and offshore drilling rigs, methanol plant and power plants. (godang)