Medco in final talks to sell stake at power, upstream units

IDX-listed energy firm PT.Medco Energi Internasional Tbk said on Monday that it was in final talks to sell stake at its power generating unit PT.Medco Power and a stake in a producing block in Natuna Sea.

Chief Commissioner Hilmi Paniogoro said the company is in talks to sell 40 percent stake at Medco Power. Hilmi refused to disclose the name of the potential buyer.

Medco operates several power plants including Panaran 1 & 2 Power Plant in Batam (118 MW), Tanjung Jati B in Central Java (1,320MW) and Sarulla power plant project in North Sumatra (340MW)

Hilmi also said that negotiation to sell 18.75 percent interest in Kakap PSC is in final stage. He refused to name the potential buyer on the ground of confidentiality. (godang)