Medco operates normally in Lybia
Monday, September 24 2012 - 12:32 AM WIB
Indonesia-listed oil and gas firm PT Medco Energi International said its activities in Lybia continue to operate as usual despite the chaos in the country, including a recent riot in Benghazi.
"The riot occurred in Benghazi, about 700 km from Tripoli. In Tripoli and surrounding areas, things are very much under control," President Director Lukman Mahfoedz told petromindo.com.
Corporate Secretary Imran Ghazali said the company has no plan to withdraw non-Lybian employees as operations in the country continue as usual.
"We are monitoring condition there. Our office still operates normally. We are sure the Lybian government could handle the situation," he told petromindo.com.
In fact, the company's plan to set up a joint venture there, scheduled for October, remains on track, Lukman said.
As reported earlier, Medco would set up a joint venture to continue developing its oil and gas project in Libya.
Under the plan, its subsidiary, Medco International Venture Limited, would have a 25 percent interest in the new joint venture, while the Libyan government would have 50 percent, and other partners would have the remainder 25 percent.
Editing by Dadan Wijaksana