Medco to buy 5% interest in Sengkang power plant
Tuesday, November 4 2003 - 02:48 AM WIB
Publicly listed oil and gas company PT Medco Energi International has entered into an initial agreement with PT Trihasra Sarana Jaya to purchase the latter's 5 percent ownership in PT Energy Sengkang for US$ 3.76 million.
In a report filed to the Jakarta Stock Exchange on Monday, Medco did not say when it expected to close the deal. PT Energy Sengkang operates a 135-megawatt gas-fired power plant located in Sengkang, South Sulawesi.
Australia based Energy World Corporation Limited (EWC) (former Energy Equity EPIC) and United States energy group El Paso Energy own 47.5 percent interest each in PT Energy Sengkang. Meanwhile, EWC and El Paso also own 50 percent each in Sengkang gas concession area, the sole gas supplier for the power plant.
Medco has reportedly planned to buy some of working interest too in this gas field (robert)