Medco stake bids to be settled end-October: Reports
Monday, October 4 2004 - 07:31 AM WIB
The bidding for a stake in Indonesia's Medco Energi International is expected to be settled by the end of October, Business Day reports.
Indian Oil Corp. Ltd., Petrochina Ltd., and Singapore's Temasek Holdings Pte. Ltd. are competing to acquire shares of Medco, Indonesia's largest upstream oil and gas exploration firm, from Thailand's PTT Exploration & Production PCL and Credit Suisse First Boston Corp., the reports says, quoting an official at PTT Exploration.
Currently, PTTEP owns a 34.2% stake in Medco via its unit PTTEP Offshore Investment Co., while Credit Suisse owns 17.2%, according to Business Day.
PTTEPO bought its Medco stake in 2001 for $225 million, and the media has speculated that it could now be worth around $600 million due to high oil prices, the report adds. (*)