Medco ready to sell its stake in Apexindo
Tuesday, August 3 2004 - 03:18 AM WIB
Publicly-listed oil and gas company PT Medco Energi Internasional Tbk is planning to sell some of its stake in PT Apexindo Pratama Duta Tbk, the Investor Daily Indonesia newspaper reported in its Tuesday edition.
After the sale, Medco?s ownership will be reduced to 40 percent from the present 77.5 percent in Apexindo. However, this plan will not be executed in near future because there is no potential buyer yet, Ciptadana Sekuritas said in Jakarta on Monday.
According to Ciptadana, Medco is also having plans to acquire oil fields in the Middle East or North Africa. It will still acquire more oil fields in the future, given the sharp decline of oil in various fields though gas production has jumped tremendously.
That?s why Medco will mainly focus on gas production for the time being. The gas production has been on the rise. Recently, Medco acquired Australia?s Novus, which has more gas fields. (*)