Medco plans to list in NASDAQ
Thursday, September 21 2000 - 02:00 AM WIB
Indonesian oil producer PT Medco Energi Internasional said on Wednesday it planned to list on the NASDAQ exchange in the next few years.
``We're looking at the next two years, maybe 2003 would be the right time to list in New York. It appears the NASDAQ is the right exchange that would fit our size,'' Medco president director John Karamoy said on the sidelines of an oil conference.
``We're in the middle of making preparations, we have to ensure that we have the right size, the right time and the right price,'' he told reporters.
He declined to give further details on the preparations.
Karamoy also said Medco was one of the companies approached by state-oil company Pertamina to raise production to allow the country to meet its new OPEC quota.
Indonesia has said it could not immediately meet its new production quota of 1.356 million barrels per day (bpd), due in October 1, which was part of OPEC's latest deal to raise production by 800,000 bpd.
``Pertamina has approached us, and yes, we have the capability to increase our production from the current level of 74,000 barrels per day,'' he said.
``By the end of this year or early 2001, we think we can increase production by up to 10,000 bpd.'' (*)