Medco, Puma Energy team up to tap downstream sector

By Godang Sitompul

Indonesia-listed energy firm PT Medco Energi Indonesia sold 63.38 percent stake in its fuel storage and distribution unit PT Medco Sarana Kalibaru (MSK) to Puma Energy.

MSK is engaged in the storage and distribution of fuels, mostly high speed diesel, to corporate clients.

After the purchase agreement, MSK was renamed to PT Puma Medco Petroleum.

?We will together develop fuel distribution network and infrastructure to serve industrial customer clients,? Medco Energi Director Budi Basuki told petromindo.com.

Puma Energy is an integrated midstream and downstream oil company active in Africa, Latin America, the Caribbean, North East Europe, the Middle East and Asia.

Having a global player as a partner, Budi said the company would adopt the business model of Puma to get a stronger foothold in Indonesia?s downstream market.

Editing by Dadan Wijaksana