Medco expands to Somalia
Thursday, August 9 2007 - 01:20 AM WIB
Somalia government is considering creating a state petroleum firm with a 49 percent stake for JSX-listed energy firm PT Medco Energi Internasional Tbk and Kuwait Energy Company, according to documents obtained by Reuters, Bisnis Indonesia reported Thursday.
The daily cited a Somalian government documents, titled "Somalia Petroleum Policy", which indicated that the two firms would acquire their stake in Somalia Petroleum Corporation on August 31.
Medco President Director Hilmi Panigoro said that it would only take minority stake in a joint venture. “ The stake for each companies were not decided yet. We are still waiting for a confirm Somalia petroleum law and Medco also wants to see the security condition in Somalia,” he said. (*)