Medco eyes two foreign oil and gas firms
Wednesday, February 6 2002 - 01:54 AM WIB
The paper quoted company chief financial officer Sugiharto as saying that the negotiations with the two firms were in progress, but he refused to name the firms.
He said the two foreign firms operate seven oil and gas fields in Java and Sumatra under the production sharing contracts.
He said the acquisition would increase Medco?s output to above 100,000 barrels per day from an about 95,000 barrels per day at present.
?We hope to complete the acquisition process by the end of this year,? he said.
Sugiharto said Medco, which was recently granted the B Plus and Stable Outlook rating by credit rating agency Sandard and Poor?s, would find no financial problems to realize the acquisition as it now has about US$400 million in fund and many banks were willing to provide loans to the company. (*)