Medco ties up with Mitsui

Publicly listed PT Medco Energi Internasional signed a memorandum of understanding with Japanese trading company Mitsui & Co. Ltd. on Wednesday for cooperation in marketing crude oil, financing arrangements and development projects, the Jakarta Post daily reported.

Medco said in a statement that the agreement covers a cooperation on oil export facilities in South Sumatra, and oil and gas development projects in Central Sulawesi.

Medco is Indonesia's largest privately owned oil company. (*)