Medco to expand into Algeria

Indonesian stock exchange-listed energy firm PT Medco Energi Internasional will expand into Algeria along with Qatari company Gulf Petroleum Ltd, Investor Daily reported Monday.

Medco's president director Hilmi Panigoro said last week that Medco and Gulf Petroleum would establish a joint venture to develop the latter's gas concession in Algeria.

He said that the partnership with the Qatari company was a follow-up to the cooperation agreement recently signed by the Indonesian and Qatari governments. "Medco has been offered to follow up the cooperation agreement," he added.

He said that Medco had conducted initial negotiations with the Qatari company and would soon evaluate the data before conducting a due diligence. "When everything is OK, we will continue with a business to business transaction," Hilmi said, adding that he hoped the cooperation could be realized this year. (*)