Medco to invest $314 million in 2002, 2003

JSX listed oil and gas company Medco Energi International said on Thursday it had planned to invest a total of US$314 million for its projects in 2002 and 2003.

Two-thirds of the amount would be used for Medco?s exploratory activities, while US$6.5 million and US$5 million would respectively be spent on the firm?s drilling and upstream projects, said company Chief Financial Officer Sugiharto.

Sugiharto said the US$314 million would come from the issuance of Medco?s Eurobond and Keybond, and from overseas syndicate bank loans.

"Our plan is that the bonds will be issued in quarter 3 or quarter 4 of this year," Sugiharto told reporters.

Sugiharto said however his company had not yet decided on the total price of the bonds. Earlier reports said it would amount to $100 million. (*)