Medco sells Natuna stake to Star Energy
Saturday, June 6 2009 - 02:07 AM WIB
IDX-listed energy firm PT Medco Energi Internasional Tbk announced Friday it had signed deal to sell its 25% interest in Kakap PSC offshore Natuna with Star Energy Holdings Pte. Ltd.
Medco did not give detail about the value of the deal, but said that it would close on July 15, 2009.
Star Energy, which is controlled by tycoon Prajogo Pangestu, is the block?s operator with 31.25 percent interest.
The block is an oil and gas producing block, with gas exported to Singapore through a pipeline network. (alex)