Medco seeks partner in ethanol business

Indonesia-listed oil and gas company PT Medco Energi Internasional is looking for partner(s) to develop its ethanol production business line.

"We are seeking partners for PT Medco Ethanol Lampung, an ethanol producer under PT Medco Downstream Indonesia," President Director Lukman Mahfoedz said over the weekend as reported by The Jakarta Post. "We are trying to complete the partnership soon," Lukman added.

Medco has been developing partnerships to bolster its operations. Late last year, Medco reached an agreement with Saratoga Capital to establish a partnership through subsidiary Medco Power Indonesia. Medco sold a 51 percent stake in Medco Power Indonesia to Saratoga's PT Saratoga Power for US$112 million.

The company's total revenues reached $554.3 million in the first half of the year, 5.5 percent lower than the $586.4 million in the same period last year. The company said that the lower revenue was because the company no longer consolidated revenue from the power generation business.(*)