Medco mulls issuing $300M bond to finance 2003 acquisitions
Friday, January 10 2003 - 03:23 AM WIB
Publicly listed oil producer PT Medco Energi International Tbk needs between US$200 - $300 million in loan for the plan to acquire oil blocks in 2003, its senior executive said on Thursday as reported by Bisnis Indonesia daily.
Sugiarto, Medco?s finance director, said issuing bond is one of the alternatives. He did not disclose the name of the oil fields Medco is planning to acquire.
Sugiarto said many financial institutions had offered Medco loans for acquiring and developing one of the oil fields.
In 2002, Medco acquired six concession areas, and had spent funds on the development of the projects.
The company currently operates and has interest in 13 concession areas in Indonesia. (*)